Prepare general journal entries for the following transactions of a new business call
Prepare the Journal Entries for Mr. Kamote a businessman in Nairobi began a business on 1st January 2010 with cash in hand Ksh. 450,000 and cash at bank Ksh. 1,000,000.
The following transactions took place during the month:
2nd January 2010 -Purchased goods for cash Ksh. 75,000
8th January 2010 -Purchased goods by cheque Ksh 65,000
12th January 2010 -Made a cash sale Ksh. 38,750
17th January 2010 -Purchased goods on credit from salama traders Ksh. 112,500
19th January 2010 -Purchased goods on credit from Rahisi Traders Ksh. 102,500
23rd January 2010 -Sold goods on credit to Bahati Ksh. 25,000
23rd January 2010 -Sold goods on credit to Mrs. Lati Ksh. 27,500
25th January 2010 -Deposited Ksh. 62,500 cash in the business bank account
30th January 2010 -Paid salaries to workers by cash Ksh. 100,000
31st January 2010 -Drew cash Ksh. 12,500 for personal use
