Worksheet

Under the double-entry system, the full value of each transaction is recorded on the debit side (Dr. Side) of one account and also on the credit side (Cr. Side) of another account. Therefore, the combined debit balance of all accounts always equals the combined credit balance of all accounts

Following is a list of transactions and the name of the accounts they belong to.

Task – Complete the ledger accounts, balance accounts and complete Trial Balance

Transaction of Green Ltd / Account / Account
Introduced Share Capital €100,00, money was lodged / Share Capital Account €100,000
Cr. Side / Bank Account €100,000
Dr. Side
Purchased goods for cash €50,000 / Purchases Account €50,000
Dr. Side / Cash Account €50,000
Cr. Side
Cash Sales €4,500 / Cash Account €4,500
Dr. Side / Sales Account €4,500
Cr. Side
Cash Purchases €6,500 / Cash Account €6,500
Cr. Side / Purchases €6,500
Dr. Side
Paid wages by cheque €38,000 / Wages Account €38,000
Dr. Side / Bank Account €38,000
Cr. Side
Purchased Delivery Account by cheque €65,000 / Delivery Van Account €65,000
Dr. Side / Bank Account €65,000
Cr. Side
Paid light and heat by cheque €350 / Light and Heat Account €350
Dr. Side / Bank Account €350
Cr. Side
Drawings by cheque €30,000 / Drawings Account €30,000
Dr. Side / Bank Account €30,000
Cr. Side
Debtor J Reilly returned goods €5,400 / J Reilly account €5,400
Cr. Side / Sales Returns Account €5,400
Dr. Side
Returned goods to creditor G Holmes €3,200 / G Holmes Account €3,200
Dr. Side / Purchases Returns Account €3,200
Cr. Side
Paid G Holmes by cheque €540 / G Holmes Account €540
Dr. Side / Bank Account €540
Cr. Side
Sold goods on credit to J Reilly €700 / Sales Account €700
Cr. Side / J Reilly Account €700
Dr. Side

Task - Complete the ledger accounts for the above transactions