What is a Contra Entry? In Three Column Cash Book, when does contra entry occurs and how did you enter contra entries in this question?
What is a Contra Entry? In Three Column Cash Book, when does contra entry occurs and how did you enter contra entries in this question?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![Question 2.
The ABC LLC records its cash and bank transactions in a Triple Column
Cashbook. The company performed the following transactions during the month of
January 2020.
(15+5)
Jan 01: Cash in hand Rs. 1600, Cash at bank Rs. 6,730.
Jan 03: Paid Jamil & Co. by check Rs. 2,350; discount received from him Rs. 50.
Jan 05: Received from Rahim & Co. a check amounting to Rs. 1980, discount
allowed to him Rs. 20.
Jan 07: Deposited into bank the check received from Rahim & Co.
Jan 10: Purchased stationary for cash, Rs. 340.
Jun 15: Purchased merchandise for cash, Rs. 2,560.
Jan 15: Cash sales for the first half of the month, Rs. 4,900.
Jan 16: Deposited into bank Rs. 2,500.
Jan 18: Withdrawn from bank for personal expenses Rs. 200.
Jan 19: Issued a check amounting to Rs. 3,260 to Jamil & Co. and discount
received from him Rs. 40.
Jan 21: Drew from bank for office use, Rs. 840.
Jan 24: Received a check amounting to Rs. 2, 870 from Haris & Co. and allowed
him a discount of Rs. 30. The Haris's check was deposited into bank immediately.
Jan 25: Paid a check to Jalal Inc. amounting to Rs. 770 and received a discount of
Rs. 30.
Jan 27: Bought furniture & fixtures for cash for office use, Rs. 760.
Jan 29: Paid office utility bills by check, Rs. 700.
Jan 30: Cash sales for the second half of the month Rs. 9,100.
Jan 30: Paid salaries Rs. 1,520.
Jan 30: Withdrew from bank Rs. 940.
ii)
What is a Contra Entry? In Three Column Cash Book, when does
contra entry occurs and how did you enter contra entries in this question?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4c474c54-f2af-4f1b-b204-ef69d538f47c%2F8096a30a-025a-4ace-ab06-a4d6c2c449b3%2F5fxield_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Question 2.
The ABC LLC records its cash and bank transactions in a Triple Column
Cashbook. The company performed the following transactions during the month of
January 2020.
(15+5)
Jan 01: Cash in hand Rs. 1600, Cash at bank Rs. 6,730.
Jan 03: Paid Jamil & Co. by check Rs. 2,350; discount received from him Rs. 50.
Jan 05: Received from Rahim & Co. a check amounting to Rs. 1980, discount
allowed to him Rs. 20.
Jan 07: Deposited into bank the check received from Rahim & Co.
Jan 10: Purchased stationary for cash, Rs. 340.
Jun 15: Purchased merchandise for cash, Rs. 2,560.
Jan 15: Cash sales for the first half of the month, Rs. 4,900.
Jan 16: Deposited into bank Rs. 2,500.
Jan 18: Withdrawn from bank for personal expenses Rs. 200.
Jan 19: Issued a check amounting to Rs. 3,260 to Jamil & Co. and discount
received from him Rs. 40.
Jan 21: Drew from bank for office use, Rs. 840.
Jan 24: Received a check amounting to Rs. 2, 870 from Haris & Co. and allowed
him a discount of Rs. 30. The Haris's check was deposited into bank immediately.
Jan 25: Paid a check to Jalal Inc. amounting to Rs. 770 and received a discount of
Rs. 30.
Jan 27: Bought furniture & fixtures for cash for office use, Rs. 760.
Jan 29: Paid office utility bills by check, Rs. 700.
Jan 30: Cash sales for the second half of the month Rs. 9,100.
Jan 30: Paid salaries Rs. 1,520.
Jan 30: Withdrew from bank Rs. 940.
ii)
What is a Contra Entry? In Three Column Cash Book, when does
contra entry occurs and how did you enter contra entries in this question?
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