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The following transactions took place between 1 - 30 November 2019 for Mukasas Retail business: 1st Balances b/f: Cash in hand Shs 1,266,000 Cash at
The following transactions took place between 1 - 30 November 2019 for Mukasas Retail business:
1st Balances b/f:
Cash in hand Shs 1,266,000
Cash at bank Shs 23,904,000
2nd Paid the following Accounts payables by cheque less discount of 5% in each case:
Muntu Shs 480,000 Mukama Shs 1,560,000 Mwalye Shs 2,640,000
4th Kamiti paid Mukasa a cheque of Shs 588,000.
6th Cash sales paid directly into the bank Shs 294,000.
7th Paid insurance by cash Shs 390,000.
9th The following Accounts Receivables paid their amounts after deducting 2.5% discount:
Abdul Shs 960,000 Gabriel Shs 3,840,000 Gupta Shs 3,120,000
12th Paid motor expenses cash Shs 600,000 18th Cash sales Shs 588,000
21st Paid salaries by cheque Shs 720,000 23rd Paid rent by cash 360,000.
28th Received a cheque for Shs 3,000,000 being loan from Makwasi. 30th Paid for stationery by cheque Shs 162,000.
Required:
i. Prepare Mukasas Cash book. Balance it off at the end of the month.
ii. Post to the different ledger accounts.
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