b) A three-column cashbook is required fro the following month from the following transactions.The cashbook should be balanced off at the end of the month and the totals should betransferred to the relevant discount accounts in the general ledger.20X5Balances brought forward: Cash £115, Bank £290 (Cr.)Paid creditors by cheque; G Denton £440 L Lewis £120 (before discount) andreceived a 5% discount on invoice totals.Cash sales £489October 1October 3October 5October 9Paid £300 cash into bank accountReceived cheques from suppliers for accounts totals as follows: R Moore£264, L Webster £360 and C Webb £120, in each case allowing a 2.5%discount.Cash purchases £78Paid rent by cheque £56Received cheque of £90 from H Kasim in settlement of sales worth £95.Cash withdrawn from bank for personal use £100Paid D Doyle by cheque for £85 in settlement of £95 account balance.Received commission by cheque £46October 13October 19October 20October 22October 25October 29October 30

A three-column cash book shows the balance of cash, bank, and discount. The payment from cash to…

b) A three-column cashbook is required fro the following month from the following transactions. The cashbook should be balanced off at the end of the month and the totals should be transferred to the relevant discount accounts in the general ledger. 20X5 October 1 Balances brought forward: Cash £115, Bank £290 (Cr.) Paid creditors by cheque; G Denton £440 L Lewis £120 (before discount) and received a 5% discount on invoice totals. October 3 October 5 Cash sales £489 Paid £300 cash into bank account Received cheques from suppliers for accounts totals as follows: R Moore £264, L Webster £360 and C Webb £120, in each case allowing a 2.5% discount. Cash purchases £78 Paid rent by cheque £56 Received cheque of £90 from H Kasim in settlement of sales worth £95. October 9 October 13 October 19 October 20 October 22 October 25 Cash withdrawn from bank for personal use £100 October 29 Paid D Doyle by cheque for £85 in settlement of £95 account balance. Received commission by cheque £46 October 30

b) A three-column cashbook is required fro the following month from the following transactions. The cashbook should be balanced off at the end of the month and the totals should be transferred to the relevant discount accounts in the general ledger. 20X5 October 1 Balances brought forward: Cash £115, Bank £290 (Cr.) Paid creditors by cheque; G Denton £440 L Lewis £120 (before discount) and received a 5% discount on invoice totals. October 3 October 5 Cash sales £489 Paid £300 cash into bank account Received cheques from suppliers for accounts totals as follows: R Moore £264, L Webster £360 and C Webb £120, in each case allowing a 2.5% discount. Cash purchases £78 Paid rent by cheque £56 Received cheque of £90 from H Kasim in settlement of sales worth £95. October 9 October 13 October 19 October 20 October 22 October 25 Cash withdrawn from bank for personal use £100 October 29 Paid D Doyle by cheque for £85 in settlement of £95 account balance. Received commission by cheque £46 October 30

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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