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QUESTION 1 a) The following transactions relate to Makinga Resort Club. 2007 May 1 Purchased goods on credit from Malewa Sh 120,000 May 4 Bought goods on credit from D. Songa Sh 98,000 Simbuna Sh 1 14,000 Mateta Sh 100,000 May 10 Sold goods on credit to: Mbaraka Ndigiri b) The following transactions relate to Moongo traders for the month of March 2005. March 1 Bought goods Kamau enterprises. 5 Returned god rises. 20 Sold goods to 25 Bashiri return 28 Bought good: was allowed 20% trade 31 Sold goods to as allowed a 1 0% trade Record the above transactions in the books of original entry. Post the entries to the General ledger. Solution: FINANCIAL ACCOUNTING b) Purchases Daybook Date Details Amount (sh) May Kamau enterprises 15,000 Mbaka 30,000 28 T. Discount (6,000) 24.000 39000 Sales Daybook Date Details Amount (sh) May 20 Bashiri Ltd 20,000 31 Mukulima 15,000 T. Discount (1,500) 13,500 33.500 O