Subject : Accounting 7.5 Henry York is a sole trader who keeps records of his cash and bank transactions in a three-column cash book. His transactions for the month of March were as follows:March1 Cash in hand £100, Cash at bank £5,6724York received a cheque for £1,246 from W Abbot which was paid directly into the bank.This represented sales.Paid wages in cash £39Sold goods for cash £1526810Received cheque from G Smart for £315, in full settlement of a debt of £344; this waspaid directly into the bank.Paid sundry expenses in cash £7314Purchased goods by cheque for £80018 Paid J Sanders a cheque of £185 in full settlement of a debt of £20123 Withdrew £100 from the bank for office purposes24Paid wages in cash £3926 Sold goods for cash £942831Required:(a) Enter the above transactions within T-accounts and bring down the balances.(b)Assuming no opening debtors, creditors or stock, prepare a trading and profit and lossaccount for the month of March.Paid salaries by cheque £230Retained cash amounting to £150 and paid the remainder into the bank

Based on the information given we have prepared the ledger accounts and the profit & loss…

7.5 Henry York is a sole trader who keeps records of his cash and bank transactions in a three- column cash book. His transactions for the month of March were as follows: March 1 Cash in hand £100, Cash at bank £5,672 4 York received a cheque for £1,246 from W Abbot which was paid directly into the bank. This represented sales. 6 Paid wages in cash £39 8 Sold goods for cash £152 10 Received cheque from G Smart for £315, in full settlement of a debt of £344; this was paid directly into the bank. Paid sundry expenses in cash £73 11 14 Purchased goods by cheque for £800 18 Paid J Sanders a cheque of £185 in full settlement of a debt of £201 23 Withdrew £100 from the bank for office purposes 24 Paid wages in cash £39 26 Sold goods for cash £94 28 Paid salaries by cheque £230 31 Retained cash amounting to £150 and paid the remainder into the bank Required: (a) Enter the above transactions within T-accounts and bring down the balances. (b) Assuming no opening debtors, creditors or stock, prepare a trading and profit and loss account for the month of March.