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
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
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
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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
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Answer
For Bank Overdraft, enter €22,500 in the Cr (Credit) column. The account reference is CB1.
Step 3
Creditors
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Answer
For Creditors, enter €26,600 in the Cr (Credit) column. The account reference is CL1.
Step 4
Ordinary Share Capital
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Answer
For Ordinary Share Capital, enter €762,900 in the Cr (Credit) column. The account reference is GL2.
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