general ledger, Cost Accounting

Assignment Help:
Jp Rhodes started a bowling club called " bowl them over". The following transactions took place 4 March 2012.

1. Bowling LTD transferred R20 000 bank account of the club as an initial donation.
2. Jonty borrowed a further R12000 frm Century bank @ an interest of 5% per annum 3. Purchase land & buildings for R100 000 A 10% deposit was paid and lords building Society granted & a mortgage loan for the outstanding amount An invoice for R17500 was received from Lanes R US Ltd for the erection of the new bowling lane.
4. Bowling balls were bought frm Ten Pin Limited for R6 150 on credit 5.A manager was appointed & JP agreed to pay him R7500 @ the end of each month 6. Advertisement costing R750 cash was placed in the local newspaper.
7. Score sheets were printed @ Howzat limited for R500 cash.
8. A computer system supplied by computa ltd was installed for R7200.
The account will only be settled in November 20 members joined the club & each paid their membership fees of R500.

20. Settled 1/3 of ten pin limited account

30. The managers salary was paid by cheque

Required
A. Record the above transactions in the general ledger

Related Discussions:- general ledger

What is the carrying value of the asset, Dolphin Company uses special strap...

Dolphin Company uses special strapping equipment in its packaging business. The equipment was purchased in January 2013 for $8,000,000 and had an estimated useful life of 8 years w

Financial statement issues that are unique to manufacturers, Financial Stat...

Financial Statement Issues that are Unique to Manufacturers Different from the retailers, manufacturers have three exclusive inventory category: 1) Raw Materials, 2)Work in

Changes in product mix, Changes in Product Mix A change in product mix...

Changes in Product Mix A change in product mix in which individual products have different contribution will contain different contribution. Sales ratio will conclude in a cha

Compute prevention costs-appraisal costs-internal failure , Question: A...

Question: At the beginning of the year, Asquith Company Ltd initiated a quality improvement program. The program was successful in reducing scrap and rework costs. To help asse

Compute the annual depreciation charges, On January 1, 2012, a machine was ...

On January 1, 2012, a machine was purchased for $197,100. The machine has an estimated salvage value of $13,140 and an estimated useful life of 5 years. The machine can operate for

Compute the industry volume variance for each product, The next year's budg...

The next year's budget for Benny, Inc., is given below: Product 1 & 2 Sales $945,000 & 688500 Variable costs 459,900 & 297,000 Fixed costs 300

Find the fixed cost, A firm's fixed costs for 0 units of output and its ave...

A firm's fixed costs for 0 units of output and its average total cost of producing different output levels are summarized in the table below. Complete the table to find the fixed c

Job order costing, cost accounting is said to three different phases ?? nam...

cost accounting is said to three different phases ?? name them.

Master budget, What are the four elements of the budgeting cycle?

What are the four elements of the budgeting cycle?

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd