Question

U. Wait owns an estate agency. The trial balance of her undertaking at 31 August 2006 was as follows: TRIAL BALANCE AT 31 AUGUST 2006 81 000 7 395 8 100 Fixed property Office equipment Motor vehicle Stationery stock Cash at bank Capital: U Wait Bond over fixed property 435 3 570 40 500 60 000 R100 500 R100 500

Please help with a solution.
Thanks in advance.

Answer 1

Journal Entries
Date (Sept.)	Accounts	Dr	Cr
3	Stationary Stock	$150
	Cash at Bank		$150
	(Being purchase of stationary)
	Office Equipment	$4,500
	Office Furnishers		$4,500
	(Being purchased office equipment on credit.)
5	Cash at Bank	$2,500
	Commission Income		$2,500
	(Being received commission on a house deal.)
7	Office Furnishers	$4,500
	Cash at Bank		$4,500
	(Being settled the amount owed.)
9	Advertisement Expenses	$150
	Cash at Bank		$150
	(Being sent cheque for advertisement.)
11	Office Equipment	$450
	Office Furnishers		$450
	(Being purchased typewriter on credit.)
15	Capital : U Wait	$150
	Office Equipment		$150
	(Being taken old typewriter to home.)
17	Cash at Bank	$1,800
	Commission Income		$1,800
	(Being received commission on a house deal.)
19	J. Stols	$200
	Commission Income		$200
	(Being service rendered on his behalf.)
21	Capital : U Wait	$600
	Cash at Bank		$600
	(Being amount withdrawn for own use.)
23	Cash at Bank	$200
	J. Stols		$200
	(Being J. Stols settled the amount owed by him.)
25	Salaries	$500
	Cash at Bank		$500
	(Being paid office salaries.)
27	Motor Vehicle (New)	$10,000
	Motor Vehicle (old)		$8,100
	Cash at Bank		$1,900
	(Being existing vehicle traded at book value with a second-hand motor vehicle at $10,000 and balance paid in cash.)
30	Telephone Expense	$70
	Cash at Bank		$70
	(Being paid the telephone account.)

Trial Balance
Accounts	Debit	Credit
Fixed Property	$81,000
Office Equipment	$12,195
Motor Vehicle (New)	$10,000
Stationery Stock	$585
Cash at Bank	$200
Capital : U Wait		$39,750
Bond over Fixed Property		$60,000
Office Furnishers		$450
Commission Income		$4,500
Advertisement Expense	$150
Salaries	$500
Telephone Expense	$70
Total	$1,04,700	$1,04,700