₦airaland Forum

Hello guys,

Happy weekend.

You have been recently appointed as an Accountant with TPK Limited and your boss requested that you issue an invoice to a customer - Messrs Enterprises for the supply of 6 units of magnifying glass at N7,500 per unit.

How is this transaction treated up to the point where the customer makes full payment for the goods? Recognise applicable taxes.
(Assume withholding tax at 10%)

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3. If Mr G retires NGN230,000

Dr Travel Expense NGN230,000
Cr Staff Debtor's Account (Mr G) NGN200,000
Cr Cash/Bank Account NGN30,000

Being Mr G's travel expense


The trick is to debit the receiving account and credit the giving account.

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2. If Mr G retires NGN190,000

a. Dr Travel Expense NGN190,000
Cr Staff Debtor's Account (Mr G) NGN190,000
Being Mr G's travel expense

b. Dr Cash/Bank Account NGN10,000
Cr Staff Debtor's Account (Mr G) NGN10,000
Being balance on retirement of Mr G's travel expense.


The trick is to debit the receiving account and credit the giving account.

Double post

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1. When Miss P pays the sum to Mr G

Dr. Staff Debtor's Account (Mr. G) - NGN200,000
Cr. Cash/Bank Account - NGN200,000
Being amount paid to MD for business travels

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Miss P is a bookkeeper at ABC Ltd. Her Boss, Mr. G has asked her for NGN200,000 for business travels.

Kindly assist Miss P with the double entries for the following scenarios;

1. When Miss P pays the sum to Mr G
2. If Mr G retires NGN190,000
3. If Mr G retires NGN230,000

(30marks)

We will provide the solution to this question tomorrow if we don't get an answer from the gurus.

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Hello guys,

Welcome to The Accountants' Lounge!

This thread is solely for bookkeepers and accountants that may have issues with there double entries. It's also for learners of simple double entry principles and for experts of accounting that may have one or two information to pass across.

We will post transactions here from time to time and allow people proffer the double entries solutions. We may be tempted to given out prices as well.

We may also post verified accounting vacancies when we have any.

Feel free to post relevant information and please don't derail.

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