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Enter the following balances in the partially completed General Journal of O’Driscoll Ltd: 1 January 2015 Bank Overdraft €22,500 Creditors €26,600 Ordinary Share Capital €762,900 O’Driscoll Ltd – General Journal Date Details F Dr Cr € € Buildings GL1 812,000 Bank Overdraft CB1 Creditors CL1 Ordinary Share Capital GL2 Assets, Liabilities and Share Capital of O’Driscoll Ltd on this date. - Junior Cycle Business Studies - Question 11 - 2015

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Question 11

Enter-the-following-balances-in-the-partially-completed-General-Journal-of-O’Driscoll-Ltd:-1-January-2015------Bank-Overdraft-€22,500-----Creditors-€26,600-----Ordinary-Share-Capital-€762,900--O’Driscoll-Ltd-–-General-Journal--Date--------------Details---------------F----------Dr-----------------Cr-€------------------€--Buildings--------------------------------GL1-----812,000-Bank-Overdraft-----------------------CB1-Creditors---------------------------------CL1-Ordinary-Share-Capital-------------GL2--Assets,-Liabilities-and-Share-Capital-of-O’Driscoll-Ltd-on-this-date.-Junior Cycle Business Studies-Question 11-2015.png

Enter the following balances in the partially completed General Journal of O’Driscoll Ltd: 1 January 2015 Bank Overdraft €22,500 Creditors €26,600 Ordin... show full transcript

Worked Solution & Example Answer:Enter the following balances in the partially completed General Journal of O’Driscoll Ltd: 1 January 2015 Bank Overdraft €22,500 Creditors €26,600 Ordinary Share Capital €762,900 O’Driscoll Ltd – General Journal Date Details F Dr Cr € € Buildings GL1 812,000 Bank Overdraft CB1 Creditors CL1 Ordinary Share Capital GL2 Assets, Liabilities and Share Capital of O’Driscoll Ltd on this date. - Junior Cycle Business Studies - Question 11 - 2015

Step 1

Buildings

96%

114 rated

Answer

For Buildings on 01/01/2015, enter the amount of €812,000 in the Dr (Debit) column. The account reference is GL1.

Step 2

Bank Overdraft

99%

104 rated

Answer

For Bank Overdraft, enter €22,500 in the Cr (Credit) column. The account reference is CB1.

Step 3

Creditors

96%

101 rated

Answer

For Creditors, enter €26,600 in the Cr (Credit) column. The account reference is CL1.

Step 4

Ordinary Share Capital

98%

120 rated

Answer

For Ordinary Share Capital, enter €762,900 in the Cr (Credit) column. The account reference is GL2.

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