Apr 8, 20231 min read

Practice Activity 7.1 Implications of sales and purchase transactions in the ledgers

The Mall Enterprises sold finished goods worth ₦800,000 to Mr. M.A. John on 1 March 2018. Mr. M.A. John supplied raw materials to The Mall Enterprises amounting to ₦1,100,000 on 14 March 2018.

Required: Using the ledger, can you explain the implications of both transactions in The Mall Enterprises' books?

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Practice Activity 7.1 Implications of sales and purchase transactions in the ledgers

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