JOURNALS assignment

Revision  questions

          QN.1

SEEDS (U)  Ltd  has  the  following  credit  purchases and  sales   for  the month  of  June  2005

June   1^st  Bought  5 sacks  of beans at shs. 100,000 each from Okello and Brothers.

3^rd Bought  from Isabirye & sons, 10  sacks of maize  at shs.  70,000 each

4^th  sold  to Care  Ltd, 2 sacks of beans  at shs. 120,000 each and 4 sacks of  maize at shs. 80,000 each

5^th Bought from Okello & Brothers, 10 sacks of beans at shs. 90,000 each.

6^th  sold  to Mbogo  Traders, 4 sacks  of maize  at shs. 80,000 each

7^th  Bought  from  Joy & sons, 5 sacks  of  Maize   at  shs. 90,000 each and 4 sacks of beans  at shs.  95,000 each.

10^th  Bought  from  Isabirye &Sons, sacks  of  maize  at shs.  65,000 each

14^th  Sold  to Care  Ltd  6 sacks  of maize  at shs.  80,000 each  and  to  Black Boys,  4  sacks  of  beans  at shs.  125,000 each.

18^th  Sold  to the  following;

• Mbogo Traders , 10 sacks  of maize  at shs. 85,000each.
• Good day  Ltd, 7  sacks  of millet at shs  120,000  each

22^nd Bought  from  the  following

• City Traders,  10 s acks of maize  at shs 200,000 each,
• Joy and sons,  6 sacks of  millet  at    65,000 each.

25^th  Sold  to Malibu, 4  sacks  of rice  at shs  250000  each.

26^th  Bought   from  Come all  Ltd ,  2 sacks  of beans  At shs.   120,000 each and 2 sacks  of rice  at shs 200,000 each.

28^th  sold  to black  Boys  Ltd, 6 sacks  of millet  at shs. 75,000 each.

REQUIRED

1. a) Prepare purchases Day Book and a sales Day book
2. b) Open a purchases  and sales  account  in the  general  Ledger
3. c) Post the  transactions  in the  sales  and purchases  ledger
4. d) draw up individual creditors  and  debtors

QN.2

Use  the following  information  that relates  to  NILE  TRADERS  LTD for the  month  of  December  2007 to  prepare the  sales journal,  purchases journal, the  sales  and  purchases  ledgers  and  the  general  ledger.

1^st  Credit  purchases  from  Agaba  on  invoice  No. 36.            300,000

2^nd  credit  purchases  from  Mamba  on  invoice  No. 37           450,000

3^rd  credit  sales  to  Sarah  on  invoice  No. S23                       270,000

4^th  Credit  purchases from  Robert  on  invoice  No.38              350,000

5^th  Returned  goods  to Agaba                                                   60,000

6^th Credit  sales  to  Brain on invoice  No. S24                           210,000

8^th  Credit  purchases  from  Jane  on invoice  No.39                 550,000

10^th  Goods returned   by  Sarah                                                 40,000

11^th  Credit  purchases  from Dan on invoice No. 40                  600,000

12^th  Credit sales  to  Julius   on  invoice No. S25                      370,000

13^th  Credit  purchases  from   Jimmy  on  invoice  No.41           370,000

15^th  Goods Returned  to  Robert                                                50,000

17^th  Goods  returned   by Julius                                                  30,000

18^th  Credit  purchases  from

• Dick on invoice    42                                                            400,000
• Okello on invoice 43                                                          500,000

24^th  Credit  sales  to  Ogwanga  on  invoice  No. S26                  650,000

25^TH  Credit  sales to Betty  on invoice  No. S27                          530,000

29^TH Goods  returned  to  Okello                                                   60,000

30^th  Goods  returned  by  Betty                                                   30,000