THE CATHOLIC UNIVERSITY OF MALAWI

FACULTY OF COMMERCE - ACCOUNTANCY

FINANCIAL ACCOUNTING I
FIRST ASSIGNMENT
DUE DATE: 5 MAY 2022
Mercy commenced trading in her bakery business on 5 April 2022. All her
transactions were on cash basis.
5 April Introduced cash into the business MK300,000
7 April Purchased goods for MK200,000
8 April Received loan from Jesse of MK250,000 repayable within twelve
months
15 April Purchased a motor van for MK150,000
20 April Sold goods for MK350,000
28 April Paid rent of MK50,000
29 April Repaid part of the loan MK200,000
30 April Drew cash from the business MK60,000

You are required to:

Write up, balance, and close the relevant ledger accounts for the above
transactions.

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