You have been provided with the following transactions of Kofkans Enterprise for the month of March 2021. March Transactions Balance brought forward: Cash in Hand : GHC6000, Bank : GHc 10,000 Received GHC20 ,000 from Ayongo Bought goods of GHC120,000 Bought Motor Van paying by cheque GHC11,600 Cash withdrawn from the bank GHC25,000 1 2 3 4 5 Paid Wages in Cash GHC1,000 Cash Drawings GHC3,000 Cash Sales paid directly into the bank GHC28,000 We paid the following Accounts by cheque less 15% discount in each case: Aba : GHC2,000: Serwaa : GHC1,600 Efe : GHC1,800 The following paid us their ACcounts by cheque in each case deducting 2% Discount: Received a Loan of GHC2,500 by cheque We paid Adade his account of GHC600 by Cheque Cash Sales GH¢10,000 7 8 10 12 13 Essiam : GHC980 Wonsom: GHc 450 15 16 18 21 Paid Rent in Cash GHC1,800 Received Commission By cheque GHC8,500 The following persons paid us their accounts by cheque in each case deducting 3% Discount : Akawe GHC400 ; Alatiawe : GHC5,000 23 25

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Using the three column cash book, show the closing balances for; a) Cash b) Bank c) Discount allowed d) Discount Received
You have been provided with the following transactions of Kofkans Enterprise for the
month of March 2021.
March
Transactions
Balance brought forward: Cash in Hand : GHC6000, Bank : GHc 10,000
Received GHC20 ,000 from Ayongo
Bought goods of GHC120,000
Bought Motor Van paying by cheque GHC11,600
Cash withdrawn from the bank GHC25,000
Paid Wages in Cash GHC1,000
Cash Drawings GHC3,000
Cash Sales paid directly into the bank GHC28,000
We paid the following Accounts by cheque less 15% discount in each
case: Aba : GHC2,000: Serwaa : GHC1,600 Efe : GHC1,800
The following paid us their Accounts by cheque in each case
deducting 2% Discount:
Received a Loan of GHC2,500 by cheque
3
4
5
8
10
12
13
Essiam : GHC980
Wonsom: GHc 450
15
We paid Adade his account of GHC600 by Cheque
Cash Sales GHC10,000
16
18
21
Paid Rent in Cash GHC1,800
Received Commission By cheque GHC8,500
The following persons paid us their accounts by cheque in each case
deducting 3% Discount : Akawe GHC400 ; Alatiawe : GHC5,000
23
25
Transcribed Image Text:You have been provided with the following transactions of Kofkans Enterprise for the month of March 2021. March Transactions Balance brought forward: Cash in Hand : GHC6000, Bank : GHc 10,000 Received GHC20 ,000 from Ayongo Bought goods of GHC120,000 Bought Motor Van paying by cheque GHC11,600 Cash withdrawn from the bank GHC25,000 Paid Wages in Cash GHC1,000 Cash Drawings GHC3,000 Cash Sales paid directly into the bank GHC28,000 We paid the following Accounts by cheque less 15% discount in each case: Aba : GHC2,000: Serwaa : GHC1,600 Efe : GHC1,800 The following paid us their Accounts by cheque in each case deducting 2% Discount: Received a Loan of GHC2,500 by cheque 3 4 5 8 10 12 13 Essiam : GHC980 Wonsom: GHc 450 15 We paid Adade his account of GHC600 by Cheque Cash Sales GHC10,000 16 18 21 Paid Rent in Cash GHC1,800 Received Commission By cheque GHC8,500 The following persons paid us their accounts by cheque in each case deducting 3% Discount : Akawe GHC400 ; Alatiawe : GHC5,000 23 25
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