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QUIZ SHOW THE ACCOUNT TO BE DEBITED AND CREDITED IN EACH TRANSACTION BELOW WITH THE RESPECTIVE AMOUNTS. Eg. Bought goods

Posted: Sat May 07, 2022 7:41 pm
by answerhappygod
QUIZ
SHOW THE ACCOUNT TO BE DEBITED AND CREDITED IN EACH TRANSACTION BELOW WITH THE RESPECTIVE AMOUNTS.
Eg. Bought goods with cash of GHS5,000
Answer:
Debit purchases account with GHS5,000
Credit cash account with GHS5,000
May 3: Goods sold for cash GHS9,000
May 5: Goods bought for cash GHS18,000
May 8: Received a cheque from M. Fati for GHS19,300 in full settlement of his dues GHs19,600
May 11: Paid to Zorro Cash GHȻ10,000 and a cheque for GHS9,400 in full settlement of his dues GHS20,000
May 15: Cash received from M. Korama GHs9,800 in full settlement of his dues GHs10,000
May 17: Paid cash to Adina GHs3,900 in full clearance of his dues GHs4,000
May 20: Received cheque from Ashim Morton GHs7,800 in full settlement of his dues GHs8,000
May 23: A cheque of GHs7,800 to a creditor Awal in settlement of GHs8,100
May 25: Bank credited interest of
GHS1,000
May 31: Bank debited bank charges of GHS1,400
2. What is the total amount in discount received and discount allowed account