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Acc 101 Solution To Purchase Daybook Examples

The document contains various illustrations of purchase journals for different enterprises, detailing transactions for specific months in 2019 and 2016. Each illustration includes dates, particulars, and amounts for purchases made, along with a total for the month. Additionally, it provides an example of a journal entry for Famous Ventures, showing the calculation of capital based on assets and liabilities.

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28 views3 pages

Acc 101 Solution To Purchase Daybook Examples

The document contains various illustrations of purchase journals for different enterprises, detailing transactions for specific months in 2019 and 2016. Each illustration includes dates, particulars, and amounts for purchases made, along with a total for the month. Additionally, it provides an example of a journal entry for Famous Ventures, showing the calculation of capital based on assets and liabilities.

Uploaded by

lawal.victor
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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SOLUTION TO ILLUSTRATIONS BY IBITOYE STELLA

SOLUTION TO ILLUSTRATION on PURCHASE DAYBOOK


ILLUSTRATION 4

CHISOM ENTERPRISES
PURCHASES JOURNAL
For the month April 2019
Date Particular Date Particular Amount (N)
2/04/19 Chidi global:
16 bags of cement at 16*1500 24,000
N1,500 each
13/04/19 Odua
12 packets of roofing 12*4110
sheet at N4,110 per
packet
5 dozen roofing nails 5*220
at N220 per dozen. (49,320+1,100) 50,420
23/04/19 Kanayo ltd:
4 tons of iron rods 27.840
29/04/19 Eno Ltd 3.5*2440
3½ dozen of roofing 8,540
nail at N2,440 a dozen.
Total purchases for 110,800
the month debit to
purchases account

ILLUSTRATION 5
Taiye and Kehinde
Purchases Journal For October 2019

Date Particulars Details Ammount


Amazing venture 33,750
1/10/19
13/10/19 Minders:
15 pieces of 15*8,330 124,950
calculator at N8,330
each
25/10/19 Island Concepts:
22 pairs of shoes at 22*6520
N6,520 per pair.
15*80,950 1,359,190
15 pieces of mobile 1.500
handset at N80,950 (143,440+1,214,250+1500)
each.
Starter pack
Total purchases for the 1,517,890
month debit to
purchases account

Illustration 6
OGOCHUKWU and SONS
For March 2016
Date Particulars Details Ammount
1/6/19 Purchases from Crown
20,750
10/6/19 Biggs
5 pieces of calculator at 5*1,250 6,250
N1,250 each

18/6/19
Florida
7*1,400
7 pairs of shoes at
N1,400 per pair 15*6200
15 pieces of mobile
handset at N6,200 each
Starter pack 22,000

(9,800+93,000+22,000)
124,800 112,320
Trade Discount 10% (12,480)
112,320
Total purchases for
the month debit to 139,320
purchases account
Illustration 7 (JOURNAL)
Famous Ventures
Journal
Date Particulars Debit # Credit #
Building account 650,000
Motor vehicle account 380,000
Cash account 12,500
Bank account 18,240
Creditors account 625,000
Capital
account(balancing (1,060,740-625,000) 435,700
figure)
Being a recording of
the opening entry for
Famous Ventures

NOTE: Note: The capital can be derived by adding all the assets together and deducting the liability.
Before the capital was derived, the total assets were N1,060,740 while the liability is N625,000. The
difference of N435,740 forms the capital.

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