BBA-2210 - Record Transactions in R. Mwenda's Accounting Books Assignment

Assignment Task

From the following details, you are to open up the books of R. Mwenda, via the journal proper, record the transactions using the appropriate day books, post the books to the ledger and then extract a trial balance as at 31 January 2023

•  Bought goods on credit from: C Kapasa K4 500 000; M Chilufya K5 000 000.

1. Sold goods on credit to: M Tembo K2 500 000, V Lubinda K3 500 000.
2. Paid wages by cheque K200 000.
3. Paid insurance in cash K300 000.
4. Cash sales K3 200 000.
5. Bought goods paying by cheque K1 000 000.
6. Returned goods to C Kapasa K500 000, M Chilufya K1 000 000.
7. Goods returned to R Mwenda by V Lubinda K800 000, M Tembo K700 000.

 13  Bought another motor van on credit from Toyota (Z) ltd for K14 000 000.

 16  Received a cheque from V Lubinda fro K7 500 000 in full settlement of his account.

 18  M Tembo paid us by cash K4 000 000, cash discount K300 000.

  20  Sales by cheque K10 000 000

 24  Sent a cheque to D Banda for K5 500 000 in full settlement of her account.

 26  Paid M Chilufya by cash K4 000 000, cash discount K1 000 000.

 28  Deposited K4 000 000 cash into the bank .

• Paid motor expenses by cheque K500 000.
• Paid Toyota (Z) Ltd by cheque K14 000 000.

Assignment 2  

1. The following trial balance has been extracted from the books of Lweendo, a sole trader, as at 31 March 2024:

After extracting the above balances, the following errors and omissions were discovered

As the trial balance totals did not agree, the difference was posted to the suspense account. The following errors were discovered:

1. Discount received by Lweendo from his suppliers K50 was not recorded in the supplier’s account (or payables account).
2. Lweendo had withdrawn K280 cash for private use which was debited to wages account.
3. The total from purchases day book K65,086 had been posted to purchases account as K64,906.
4. The purchase of machinery for K7,360 had been entered in the machinery account as K7,720

Required:

• Prepare journal entries with appropriate narratives to correct each of the errors and omissions in (i) to iv)  
• Write up and balance off the suspense account.
• Re-draft the corrected trial balance, taking into account errors 
• Briefly describe three (3) errors that are disclosed by the trial balance 
• Explain four (4) types of errors which would not affect the balancing of a trial balance.

2. The financial year of the Better Now Trading Company ended on 30 November 2019. You have been asked to prepare a Total Accounts Receivables account and a Total Accounts Payable Account in order to produce end-of year figures for Accounts Receivables and Accounts payable for the draft final account. You have obtained the following information for the financial year from the books of original entry: 

According to the audited financial statement for the previous year accounts receivable and payables as at 1 December 2018 were K53, 110 and K86, 900 respectively.

Required:

• Prepare the Trade receivables control account for the year ended 30 November  2019
• Prepare the Trade payables Control Account for the year ended 30 November 2019.

Explain three (3) reasons why Accounting Systems are designed with a payable ledger control account and payables ledger account

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