Journal entries

Kieran Howell
Flashcards by Kieran Howell, updated more than 1 year ago
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Credit to Mark Holmes of Coventry Univercity.
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Journal Entries A business buying and selling magic wands
Opened a business bank account with £10,000 Dr Bank £10,000 Cr Capital £10,000
Bought a small shop premises for £15,000, also taking out a £10,000 loan at the same time Dr Premises £15,000 Cr Bank £10,000 Dr Bank £10,000 Cr Loan £10,000
Bought 2000 magic wands for £2 each Dr Purchases £4,000 Cr Bank £4,000
Sold 1000 wands for £4 each Dr Bank £4,000 Cr Sales £4,000
Bought 1000 wands on credit for £3 each to Paul Daniels Dr Purchases £3,000 Cr Trade Payables - P. Daniels £3,000
Sold 1000 wands on credit to David Blaine for £4,500 Dr Trade Receivables - D. Blaine £4,500 Cr Sales £4,500
Purchased a car for his son out of the business bank account costing £3,000 Dr Drawings £3,000 Cr Bank £3,000
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