Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Question one The following transactions were obtained from the books of wine wholesaler co ltd for the month of March 2021. Mar 1 Balances brought
Question one The following transactions were obtained from the books of wine wholesaler co ltd for the month of March 2021. Mar 1 Balances brought forward: Cash 620: Bank 7,142. Mar 2 The following debtors paid their accounts by cheque in each case deducting 5 per cent cash discounts:G. Slick 260; Fish 320:T old 420 Mar 4 Paid rent by cheque 430. Mar 6 F. Black lent us 5,000 paying by cheque. Mar 8 We paid the following accounts by cheque in each case deducting a 21/2% cash discount: R. White 720; G. Green 960: L. Flip 1,600. Mar 10 Paid motor expenses in cash 81. Mar 12 J. Pie pays his account of 90, by cheque 88, deducting 2 cash discount. Mar 15 Paid wages in cash 580. Mar 18 The following paid their accounts by cheque, in each case deducting 5 per cent cash discount: A. Pony 540: B. Line & Son 700: T. Owen 520. Mar 21 Cash withdrawn from the bank 400 for business use. Mar 24 Cash drawings 200. Mar 25 Paid W. Peat his account of 160, by cash 155, having deducted 5 cash discount. Mar 29 Bought fixtures paying by cheque 720. Mar 31 Received commission by cheque 120. Required: a) Xyz's three column cashbook for the month of March 2021. (16 marks) b) Discounts in the general Ledger. (4 marks )
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started