Question 2.The ABC LLC records its cash and bank transactions in a Triple ColumnCashbook. The company performed the following transactions during the month ofJanuary 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, discountallowed 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Rs. 2,560.Jan 15: Cash sales for the first half of the month, Rs. 4,900.Jan 16: Deposited into bank Rs. 2,500.Jan 18: Withdrawn from bank for personal expenses Rs. 200.Jan 19: Issued a check amounting to Rs. 3,260 to Jamil & Co. and discountreceived from him Rs. 40.Jan 21: Drew from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 allowedhim 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 ofRs. 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 doescontra entry occurs and how did you enter contra entries in this question?

contra entry journal either debits or credits cash or bank account.

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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?

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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