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Please, i will be using this solution to write exam so the answers should be accurate and simple for me to understand Carol a sole
Please, i will be using this solution to write exam so the answers should be accurate and simple for me to understand
Carol a sole proprietor made the following transactions in March 2014 March 1: Credit purchases from: Martin GHC2,000; Jacob GHC1,500; Ernest GHC1,250; in each case a trade discount of 5% allowed 3: Credit sales to: Addo GHC2,500; Michael GHC1,500; Djan GHC1,000; in each case a trade discount of 7.5% 9: Credit purchases from: Martin GHC1,500; Yaa GHC1,100 EXAMINER: RICHMOND OBENG Page 3 of 4 148 12: Credit sales to: Michael GHC3,300; subject to 7.5% trade discount, Robert GHC900 18: Credit purchases from: Yaa GHC2,000; Nii GHC1,250; Oduro 1,350 20: Credit sales to: Owusu GHC3,000; Robert GHC1750; Okyere GHC2,250 28: Goods returned to Carol from: Addo GHC500; Okere GHC200; Owusu GHC400 30: Carol returns goods to: Jacob GHC100; Ernest GHC150; Yaa GHC250 You are required to: I. Open the relevant subsidiary books, and (8 marks II. Post the transactions to their relevant ledgers 19 marks) Step by Step Solution
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