Question
QUESTION TWO: a) Identify and explain your qualities of a good accounting system (8 mks) b) Record the following transactions in a three column cash
QUESTION TWO:
a) Identify and explain your qualities of a good accounting system (8 mks)
b) Record the following transactions in a three column cash book of ABC Ltd (12 mks)
June 1 balance B/F cash in hand shs.652, cash at bank shs.9847
June 4 paid transport in cash shs.200
June 8 issued a cheque to Mabura, setting an invoice for shs.7500 less 2% cash discount
June 15 Sold goods for cash shs.3000 less 1% cash discount
June 21 deposited cash with bank shs.1500
June 21 received a cheque from Jones shs.2940 after deducting 2% cash discount
June 23 paid wages in cash shs.175.
June 24 paid telephone bill in cash shs.594
June 24 withdrew cash from bank for office use shs.750
June 24 issued a cheque for shs.1000 to K-Rep as part payment of a loan
June 28 received a cheque for shs.4950 (after deduction of 1% cash discount from Punu)
June 28 paid a cheque to mabura shs.2600 less 2% cash discount
June 28 issued a cheque for salaries shs.6114
June 29 sold goods for cash shs. 900 less 2% cash discount
June 30 paid wages in cash shs.488
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
Internal Auditing As A Career
Authors: Richa Yamini Goel
1st Edition
B09RMBWZ2L, 979-8412866512
