S. Hoo started a Vision Camera Centre on 1 August 2008 and entered into the following
transactions during August 2008:
Aug 2 S. Hoo opened a bank account in the name of the business and deposited
N$100 000 into the account. He entered into a lease agreement with
Maerua Mall Shopping Centre and paid N$21 400 by cheque, being a
deposit of N$10 000 and the first month’s rent of N$11 400.
4 Purchased equipment to the value of N$79 800 on credit from Kojak
5 Purchased stationery from Pen and Papers for N$1 140 and paid by
6 Purchased merchandise on credit from Foto Co. (inv 1325), N$72 732.
Returned a camera, invoiced at N$456, that was damaged in transit from
Foto Corporation and receive their credit note N0.C0172
7 Cashed a cheque and paid the weeks wages N$1 200. Banked the cash
sales for the week N$6 384.
9 Sold merchandise on credit to Rayon Photo Centre for N$13 680 (inv
11 Purchased merchandise on credit from Foto Corporation (inv 1473).
12 Issued a cheque for N$855 to Express Printers for advertising brochures
13 Purchased merchandise from MOi Suppliers and paid by cheque N$5 700.
14 Cashed a cheque and paid the weeks wages, N$1 200. Cash sales for the
week to the value of N$13 224 were banked.
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15 S. Hoo allowed a discount of 5% on the account of Rayon Photo Centre
when they issued a cheque to settle their account (refer to 9 August).
17 Sold goods to Leake Studios on credit for N$9 804, per inv no. 002.
18 Received a cheque of N$456 for photos taken for the Northern Rugby
21 The week’s cash sales to the value of N$14 706 were banked. Cashed a
cheque and paid the weeks wages, N$1 200.
22 Sold goods on credit to Jays Photo Services for N$4 446, per invoice 003.
23 Issued a cheque for goods purchased from Fiji Enterprises, N$16 530.
26 Paid the telephone account of N$969 received from Telecom Namibia.
27 Paid the water and electricity account of N$1 596 for the month to the City
28 Cash sales for the week to the value of N$15 048 were banked. The
owner cashed a cheque for N$6 200 for the week’s wages of N$1 200; the
balance was for his own use.
30 Sold goods to the value of N$1 720 on credit to Rayon Photo Centre per
invoice 003. Leaks Studios paid N$9 690 in full settlement of their account
(refer 17 August.)
31 Issued a cheque of N$6 000 to Kojak Suppliers as a payment on their
Issued a cheque of N$20 000 for Foto Corporation. Received a discount of
N$171 (refer 6 August).
Draft a cash receipt Journal and Cash Payment Journal (or a three column cash book)