Solve the accounting problem Below: Below are the transactions of Sputto Trading company for the...

Solve the accounting problem Below:
Below are the transactions of Sputto Trading company for the month of December,1982

Dec.1 started trading with #8000 cash paying into bank
Dec.2 bought goods on credit from N.Pan #280; U. Patty #400' K. Cat #320; C. Jelly #230
Dec.3 paid rent by cheque #34
Dec.5 cash sales #485
Dec. 6 credit sales: T. Pen #86; B. Skith #60; D. Hut #1,220
Dec.7 paid electric bill by cheque #182
Dec.12 Paid wages by cash #92
Dec.15. He returned goods to N. Pan #360, C. Jelly #50
Dec 17. Credit purchases: C. Jelly #140; K. Cat #250; F. Kenth #280
Dec 18. Goods returns to Him by B. Skith #12, T. Pen #28
Dec 20. Bought motor vehicle on credit from ANAMCO motors #650
Dec 21. He paid the following by cheque: N. Pan #168; U. Path A#305, K. Cath #216
Dec 23. bought another motor vehicle paying by cheque #890
Dec 24. Advanced a loan of cash #500 to X. Shoot.
Dec 26. Received cheques from: U. Pen #64; B. Skith #36
Dec 28. Received part of the loan by cash #380
Dec 29. Withdrew money from the bank and placed it on the business cash tile #48
Dec 30. Sold the first motor vehicle on credit to D. Audu #7200
Dec 31. Introduced a further #400 in the business paying the money into the bank.

You are required to:

a. Enter up the necessary accounts
b. Determine the closing balances for each account
c. Draw up the trial balance as on 31 December, 1982
d. Draw up the total creditors account
e. Differentiate Trial balance from the Control Account giving two advantages of each?

In Institute of Management and Technology Enugu (Affiliated to University of Nigeria)
0 Answers Available
Asked by Adumo on 9th April, 2025