13.6A At 1 September the financial position of Sara Young's business was: Cash in hand Balance at bank Accounts receivable: AB EF Inventory Accounts payable: GH U £ 80 900 200 500 300 1,000 600 1,400 During September: 1 The three debtors settled their accounts by cheque subject to a cash discount of 4 per cent. 2 A cheque for £100 was cashed for office use. 3 GH was paid by cheque less 7.5 per cent cash discount. 4 IJ's account was settled, subject to a discount of 5 percent, by cheque. 5 Wages of £130 were paid in cash. Required: (a) Open a three-column cash book and the accounts for the accounts receivable and accounts payable at 1 September. (b) Record the above transactions for September.
13.6A At 1 September the financial position of Sara Young's business was: Cash in hand Balance at bank Accounts receivable: AB EF Inventory Accounts payable: GH U £ 80 900 200 500 300 1,000 600 1,400 During September: 1 The three debtors settled their accounts by cheque subject to a cash discount of 4 per cent. 2 A cheque for £100 was cashed for office use. 3 GH was paid by cheque less 7.5 per cent cash discount. 4 IJ's account was settled, subject to a discount of 5 percent, by cheque. 5 Wages of £130 were paid in cash. Required: (a) Open a three-column cash book and the accounts for the accounts receivable and accounts payable at 1 September. (b) Record the above transactions for September.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:13.6A At 1 September the financial position of Sara Young's business was:
Cash in hand
Balance at bank
Accounts receivable: AB
CD
EF
Inventory
Accounts payable: GH
IJ
£
80
900
200
500
300
1,000
600
1,400
During September:
1 The three debtors settled their accounts by cheque subject to a cash discount of 4 per cent.
2 A cheque for £100 was cashed for office use.
3 GH was paid by cheque less 7.5 per cent cash discount.
4 IJ's account was settled, subject to a discount of 5 percent, by cheque.
5 Wages of £130 were paid in cash.
Required:
(a) Open a three-column cash book and the accounts for the accounts receivable and accounts
payable at 1 September.
(b) Record the above transactions for September.
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