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
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
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