On 1 October 2016, the owner of the USS Enterprise, Mr Kirk, decides that he will boldly go and keep his records on a double entry system. His assets and liabilities at that date were:
|
|
£
|
|
Fixtures and equipment
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20,000
|
|
Inventory including weapons
|
15,000
|
|
Balance at Universe Bank
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17,500
|
|
Cash
|
375
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|
|
£
|
|
Accounts payable - Spock
|
3,175
|
|
-Scott
|
200
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-McCoy
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500
|
Kirk's transactions during October were as follows:
1 Sold faulty phasers, original cost £500, to Klingon Corp, for cash £5,000
2 Bought Photon Torpedoes (weapons), on time from Central Council £2,500
3 Sold goods to Aardvarks, original cost £250, on time, £1,500
4 Bought Cloaking Device (Fixture and Fittings) from Klingon Corp £3,500
5 Paid the balance owed to Spock at 1 October less a 5 per cent cash discount
6 Paid Central Council full amount due by cheque
7 Received full amount due from Aardvarks by cheque
8 Paid Klingon Corp by cheque after deducting 20 per cent trade discount
9 Paid, by bankers order, £10,000 for repairsto Enterprise following disagreement over amount owing to Klingon Corp and faulty phasers.