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

Marginal cost curves, A firm operates two plants with the marginal cost cur...

A firm operates two plants with the marginal cost curves given by MC 1 = 50 + 2Q 1 , MC 2 = 90 + Q 2 . If the firm's total output must be 80 units, how much will it produce a

Direct material, Flying High Company manufactures model airplanes. During t...

Flying High Company manufactures model airplanes. During the month, it manufactured 10,000 airplanes. Each one used an average of 6.5 direct labor hours and an average of 1.5 sheet

Total variable overheads variances, Total Variable Overheads Variances ...

Total Variable Overheads Variances  If Variable Overhead Expenditure Variance =  Shs.1, 330 Variable Overhead Efficiency Variance = Shs.320 Then total variable overheads

Overhead budgets for 2011., Atkinson's Reliable Tools makes two products th...

Atkinson's Reliable Tools makes two products that use similar raw materials: #587Q and #253X. Estimated production needs for a unit of each product follows. #587Q #253X Steel (in p

To amortize the office improvements, On July 1, 2008, Falk Company signed a...

On July 1, 2008, Falk Company signed a contract to lease space in a building for 15 years. The lease contract calls for annual (prepaid) rental payments of $100,000 on each July 1

What is the overhead variance, Morrow Company applies overhead based on dir...

Morrow Company applies overhead based on direct labor hours. At the beginning of the year, Morrow estimates overhead to be $620,000, machine hours to be 180,000, and direct labor h

Effects of increasing fixed cost, Jones Company operates within a monopolis...

Jones Company operates within a monopolistically competitive industry. The estimated demand for its products is given by the following inverse demand function P = 1760 - 12Q

Marginal costing, MARGINAL COSTING As per the Chartered Institute of Ma...

MARGINAL COSTING As per the Chartered Institute of Management Accountants, London, the phrase 'Marginal cost' means - 'the amount at every given volume of output through which

Economic order quantity, #purchase price R45 order costs R175 lead time 6 d...

#purchase price R45 order costs R175 lead time 6 days cost of capital (after taxation) 20% direct inventory holding costs R25 annual demand 8500 units business operational 330day p

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