Question : Queens Chapel Enterprise commenced trading business 1^st January, 2005 with
Queens Chapel Enterprise commenced trading business on 1^st January, 2005 with an amount of 15,600,000 at Bank and 1,200,000 cash at home. In addition to these monies Madam GiftyOsei, the owner of the Enterprise, released her saloon car valued 14,500,000 to the Enterprise. The following transactions took place during the month of January, 2005. Madam GiftyOsei acquired a Freehold Premises (Stores) from AMA at a cost of 20,000,000. Payment is to be made within five years in equal installments. Madam Osei bought goods for 650,000 with cash from Makola traders and 2,500,000 by cheque from GNTC Stores. Madam Osei bought goods for 2,800,000 from UAC Limited on credit. Madam Osei sold goods for cash amounting to 870,000. Madam Osei sold goods for 2,600,000 to Good Traders Ltd on credit. Madam Osei sold goods for 1,800,000 to the public and received cheques for full payment. The cheques were paid into the Bank Account of the Enterprise. Queens Chapel enterprise paid UAC Limited 1,500,000 as part payment of its debt. The Enterprise received an amount of 2,100,000 by cheque from Good Traders Ltd. as part payment of debt owed by Good Traders Ltd. Queens Chapel Enterprise incurred expenses as follows: Salaries and wages 670,000 paid by cheque Stationery 290,000 by cheque Water and Electricity 250,000 paid by cash General Expenses 350,000 paid by cash. Show entries in the relevant accounts. Extract a Trial Balance as at 31/01/05.