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Accounting for Inventory Q

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Accounting for Inventory
Q. 4/4 You are to enter the following transactions into the appropriate accounts:
2012 Nov 1 Started business with €125,000 putting the money into the business bank account..
3 Bought premises by cheque €90,000.
6 Bought shop furniture on credit from R. Toledo €1,300.
8 Bought goods on credit from T. Camilleri €800.
10 Sold goods on credit to U. Galea €650.
11 Cash Sales €230.
14 U Galea returned goods €20 to the firm.
17 Paid T. Camilleri €115 by cheque.
19 Bought goods on credit from T. Camilleri €340.
21 Returned shop furniture to R. Toledo €180.
24 Received €80 by cheque from U. Galea.
30 Returned goods to T. Camilleri €20.
31 Received a loan from H. Sant €12,000. The money was paid into the business bank account.
Q. 4/5 Maria Brincat opens a shoe shop. The following are her business transactions for the month of October 2013. 2013
Oct 1 Paid €15,000 into a business bank account as capital.
4 Bought shop fixtures and fittings on credit from C. Abdilla €3,200.
5 Bought €3,600 worth of shoes on credit from Muscat Shoe Manufacturers Ltd.
6 Shoes sold for cash €240.
14 Sold €800 worth of shoes on credit to Good Fit Shoe Shop.
18 Returned shoes worth €560 to Muscat Shoe Manufacturers Ltd as they were damaged.
25 Paid Muscat Shoe Manufacturers Ltd the amount owing to them by cheque.
27 Returned €200 shop fixtures & fittings which were unsuitable to C. Abdilla.
29 Good Fit Shoe Shop returned shoes worth €20. M. Brincat made an allowance for them.
You are required to enter the above transactions in the accounts of Maria Brincat for the month of October 2013.
Q. 4/6 Mario Borg opens a book shop and rents premises for this purpose. The following are his business transactions for the month of March 2014 which you are required to enter in his books. 2014
Mar 1 Paid €14,000 into a business bank account as capital.
4 Bought fixtures and fittings paying for them by cheque €3,000 5 Bought €2,600 worth of books on credit from Gatt Publishers Ltd
6 Sold €1,300 worth of books on credit to Mosta Lyceum
14 Returned €240 books to Gatt Publishers as they were damaged
18 Books sold for cash €240
22 Paid Gatt Publishers the amount owing to them by cheque
25 Mosta Lyceum returned books worth €84. M. Borg made an allowance for them.
27 Paid an extra €5,000 into the business cash as capital.
29 K. Micallef lent the firm €7,800 paying the money by cheque