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    Double Entry Worksheet

    Uploaded by

    GodfreyFrankMwakalinga
    The document provides a double entry worksheet with accounting transactions to record from September 2 to September 30, 2018. It also includes Ji Lui's statement of financial position as of December 31, 2018 showing assets, liabilities, and a calculation of owner's equity. Additional transactions that took place on January 1, 2019 are listed along with a table to record the double entries for each.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Double Entry Worksheet

    Uploaded by

    GodfreyFrankMwakalinga
    61 views4 pages
    The document provides a double entry worksheet with accounting transactions to record from September 2 to September 30, 2018. It also includes Ji Lui's statement of financial position as of December 31, 2018 showing assets, liabilities, and a calculation of owner's equity. Additional transactions that took place on January 1, 2019 are listed along with a table to record the double entries for each.

    Original Title

    DOUBLE ENTRY WORKSHEET

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    The document provides a double entry worksheet with accounting transactions to record from September 2 to September 30, 2018. It also includes Ji Lui's statement of financial position as of December 31, 2018 showing assets, liabilities, and a calculation of owner's equity. Additional transactions that took place on January 1, 2019 are listed along with a table to record the double entries for each.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    61 views4 pages

    Double Entry Worksheet

    Uploaded by

    GodfreyFrankMwakalinga
    The document provides a double entry worksheet with accounting transactions to record from September 2 to September 30, 2018. It also includes Ji Lui's statement of financial position as of December 31, 2018 showing assets, liabilities, and a calculation of owner's equity. Additional transactions that took place on January 1, 2019 are listed along with a table to record the double entries for each.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 4

    DOUBLE ENTRY WORKSHEET

    1. Summarize the following entries by using double entry system.

    2018 Transactions Account to Account to


    be debited be credited
    Sept 2 Sold inventory for cash $4000
    Sept 10 Sold inventory $300 receiving a cheque payment
    Sept 20 Sold inventory to Mark Garments on credit $280
    Sept 22 Purchased goods on credit $700 from Aslam Traders
    Sept 23 Paid motor expenses in cash $56
    Sept 25 Sold goods to Mason on credit $4500
    Sept 25 Rent received in cash 2 000
    Sept 30 Rent received by cheque 500

    2. Ji Lui’s statement of financial position was prepared on 31 December 2018. It showed


    the following assets and liabilities:
    $
    Machinery 7200
    Trade receivables 800
    Inventory 1300
    Other payables 830
    Creditors 510
    Cash 180
    Bank (debit balance) 250
    Calculate Ji Lui’s owner’s equity on 31 December 2018.
    ………………………………………………………………………………………………………………
    ………………………………………………………………………………………………………………
    ………………………………………………………………………………………………………………
    ………………………………………………………………………………………………………………
    ………………………………………………………………………………………………………………
    ………………………………………………………………………………………………………………
    ………………………………………………………………………………………………………………
    ………………………………………………………………………………………………………………
    ………………………………………………………………………………………………………………

    1
    On 1 January 2019, the following transactions took place:
    i) Ji Lui paid salaries for December 2018 in cash $319.
    ii) He paid insurance expenses by cheque $400
    iii) He received commission by cash $200
    iv) He bought goods on credit from ABC Company $1300
    v) He sold goods on credit to John $ 450
    vi) Paid $1300 by cheque to ABC Company.

    State the double entry needed to record each transaction.

    Account to be debited $ Account to be credited $

    2
    ECONOMICS WORKSHEET

    6. list three features of a market economic system.


    7. Explain what is meant by a market economic system.
    8. state the 3 costs and 4 benefits of operating a market economic system.

    3
    4

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