Question Two (2) Prepare a three-column cash book of from the transactions below extracted from the books of Nyamedie Enterprise. April 1: Balances brought forward: Cash GHS1,260; Bank GHS14,820. April 2: The following paid us by cheque, in each case deducting a 5% cash discount: Akowuah GHS 960; Nhyira GHS 3,120. April 3: Cash sales paid direct into the bank GHS 2,220. April 5: Paid rent by cash GHS1,020. April 6: We paid the following accounts by cheque, in each case deducting 20% cash discount: Laura GHS1,080; Ofosu GHS2,880; Karen GHS1,200. April 8: Withdrew cash from the bank for business use GHS1,200. April10: Cash sales GHS3,780. April 12: John paid us their account of GHS840 by cheque less GHS12 cash discount. April 14: Paid wages by cash GHS1,620. April 16: We paid the following accounts by cheque: Nyameye GHS930 less cash discount GHS45; Nyametease GHS1,236 less cash discount GHS36. April 20: Bought fixtures by cheque GHS12,960 and Motor Vehicles GHS4,290 by cash. April 29: Received GHS972 cheque from Akosua. April 30: Bought stationery paying by cash GHS168. N.B. ASSUME ALL AMOUNTS ARE STATED IN THOUSANDS OF GHANA CEDIS (GHS' 000).

Question Two (2) Prepare a three-column cash book of from the transactions below extracted from the books of Nyamedie Enterprise. April 1: Balances brought forward: Cash GHS1,260; Bank GHS14,820. April 2: The following paid us by cheque, in each case deducting a 5% cash discount: Akowuah GHS 960; Nhyira GHS 3,120. April 3: Cash sales paid direct into the bank GHS 2,220. April 5: Paid rent by cash GHS1,020. April 6: We paid the following accounts by cheque, in each case deducting 20% cash discount: Laura GHS1,080; Ofosu GHS2,880; Karen GHS1,200. April 8: Withdrew cash from the bank for business use GHS1,200. April10: Cash sales GHS3,780. April 12: John paid us their account of GHS840 by cheque less GHS12 cash discount. April 14: Paid wages by cash GHS1,620. April 16: We paid the following accounts by cheque: Nyameye GHS930 less cash discount GHS45; Nyametease GHS1,236 less cash discount GHS36. April 20: Bought fixtures by cheque GHS12,960 and Motor Vehicles GHS4,290 by cash. April 29: Received GHS972 cheque from Akosua. April 30: Bought stationery paying by cash GHS168. N.B. ASSUME ALL AMOUNTS ARE STATED IN THOUSANDS OF GHANA CEDIS (GHS' 000).

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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