Let us assume that XYZ Ltd undertook the following transactions in March 2016. |Transactions 1 Balances brought forward: Cash GH¢230; Bank GH¢ 4756 2 The following paid their accounts by cheque, in each case deducting 5 per cent cash discounts: R Boateng GH¢140; E Takyi GH¢220; R Henaku GH¢300 (all amounts are pre-discount). 4 Paid rent by cheque GH¢120 6 J Quarshie lent XYZ Ltd GH¢1000 paying cheque 8 XYZ Ltd paid the following accounts by cheque in each case deducting a 2½per cent cash discount: N Badu GH¢360; P Tawiah GH¢480; C Hinson GH¢800 (all amounts are pre-discount). 10 XYZ Ltd paid motor expenses in cash GH¢44 12 H Hammond pays his account of GH¢77, by cheque GH¢74, deducting GH¢3 cash discount 15 XYZ Ltd paid wages in cash GH¢160 18 The following paid their accounts by cheque, in each case deducting 5 per cent cash discount: C Awuakye GH¢260; Winner Ltd GH¢340; H Manu GH¢460 (all amounts are pre-discount) 21 Cash withdrawn from the bank GH¢350 for business use 24 Cash drawings GH¢120 25 XYZ Ltd paid T Sowah his account of GH¢140, by cash GH¢133, having deducted GH¢7 cash discount 2016 January 29 Bought fixtures paying by cheque GH¢650 31 Received commission by cheque GH¢ 88 Required: Prepare a three-column cash book for XYZ Ltd, balancing it on January 31, 2016. Outline two (2) tools for financial statement analysis.
Let us assume that XYZ Ltd undertook the following transactions in March 2016. |Transactions 1 Balances brought forward: Cash GH¢230; Bank GH¢ 4756 2 The following paid their accounts by cheque, in each case deducting 5 per cent cash discounts: R Boateng GH¢140; E Takyi GH¢220; R Henaku GH¢300 (all amounts are pre-discount). 4 Paid rent by cheque GH¢120 6 J Quarshie lent XYZ Ltd GH¢1000 paying cheque 8 XYZ Ltd paid the following accounts by cheque in each case deducting a 2½per cent cash discount: N Badu GH¢360; P Tawiah GH¢480; C Hinson GH¢800 (all amounts are pre-discount). 10 XYZ Ltd paid motor expenses in cash GH¢44 12 H Hammond pays his account of GH¢77, by cheque GH¢74, deducting GH¢3 cash discount 15 XYZ Ltd paid wages in cash GH¢160 18 The following paid their accounts by cheque, in each case deducting 5 per cent cash discount: C Awuakye GH¢260; Winner Ltd GH¢340; H Manu GH¢460 (all amounts are pre-discount) 21 Cash withdrawn from the bank GH¢350 for business use 24 Cash drawings GH¢120 25 XYZ Ltd paid T Sowah his account of GH¢140, by cash GH¢133, having deducted GH¢7 cash discount 2016 January 29 Bought fixtures paying by cheque GH¢650 31 Received commission by cheque GH¢ 88 Required: Prepare a three-column cash book for XYZ Ltd, balancing it on January 31, 2016. Outline two (2) tools for financial statement analysis.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Let us assume that XYZ Ltd undertook the following transactions in March 2016.
|Transactions
1 Balances brought forward: Cash GH¢230; Bank GH¢ 4756
2 The following paid their accounts by cheque, in each case deducting 5 per cent cash discounts: R
Boateng GH¢140; E Takyi GH¢220; R Henaku GH¢300 (all amounts are pre-discount).
4 Paid rent by cheque GH¢120
6 J Quarshie lent XYZ Ltd GH¢1000 paying cheque
8 XYZ Ltd paid the following accounts by cheque in each case deducting a 2½per cent cash discount: N
Badu GH¢360; P Tawiah GH¢480; C Hinson GH¢800 (all amounts are pre-discount).
10 XYZ Ltd paid motor expenses in cash GH¢44
12 H Hammond pays his account of GH¢77, by cheque GH¢74, deducting GH¢3 cash discount
15 XYZ Ltd paid wages in cash GH¢160
18 The following paid their accounts by cheque, in each case deducting 5 per cent cash discount: C
Awuakye GH¢260; Winner Ltd GH¢340; H Manu GH¢460 (all amounts are pre-discount)
21 Cash withdrawn from the bank GH¢350 for business use
24 Cash drawings GH¢120
25 XYZ Ltd paid T Sowah his account of GH¢140, by cash GH¢133, having deducted GH¢7 cash discount
2016
January
29 Bought fixtures paying by cheque GH¢650
31 Received commission by cheque GH¢ 88
Required:
Prepare a three-column cash book for XYZ Ltd, balancing it on January 31, 2016.
Outline two (2) tools for financial statement analysis.
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