Mensa Joe Enterprises Pioneering Retail Excellence in Cement Sales Since 2006 - Accounting and Finance Assignment

Assignment Task

Illustration

Mensa Joe Enterprises started a retail business, selling cement on retail basis. On 1st of March 2006, he introduced the following into the business:

(i) Motor van valued at N  480,000

(ii) Cash from his salary account N  330,000

(iii) Money borrowed from a friend N 66,000

The following transactions took place in March

March 3 Purchased cement on credit from Fola Ltd. 189,000

Paid carriage on cement to warehouse 16,456

Sold goods on credit to Aburi & Co 190,000

Sold cement for cash 26,280

Paid sundry expenses 16,278

Purchased cement on credit from Fola Ltd. 60,000

Bought some Dunlop tyres from Okechukwu Enterprises on credit 10,852

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