QUESTION The following are the transactions of "IT IS FINISHED", who commenced a new business on May 1, 2018 May: Transa

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Question The Following Are The Transactions Of It Is Finished Who Commenced A New Business On May 1 2018 May Transa 1 (152.86 KiB) Viewed 30 times

QUESTION The following are the transactions of "IT IS FINISHED", who commenced a new business on May 1, 2018 May: Transactions 1. Started the business with capital of GHS2,500,000, paid into a business bank account. 2. Bought goods on credit from the following entities: Ellis GHS 810,000; Mends Trading GHS1,305,000; Gibson GHS375,000; Dynasty GHS1,140,000; Liners GHS960,000 (TOTAL GHS4,590,000) 3. Sold goods on credit to: Bailey Stores for GHS753,000; Fastshop for GHS1,120,000 and Spencers for GHS3,080,000 (TOTAL GHS4,953,000) 4. Bailey Stores paid by cheque GHS723, 000 taking a discount of GHS30,000 for early settlement. Bailey Stores had not been expected to take the discount when the goods v originally sold to them. 5. Spencers paid GHS1,500,000 by cheque 6. GHS700,000 was paid to Ellis 7. The following payments was made to Gibson GHS 350,000, A discount of GHS 25,000 received for early payment. 8. Paid carriage outwards GHS345,000 9. Purchases returns to Dynasty GHS400,000 10. Sales returns from Spencers GHS 270,000 11. Purchases on credit from Mend Trading GHS 753,000; Dynasty GHS1,650,000 (TOT. GHS2,403,000 12. Sold goods on credit to Fastshop GHS1,005, 000 a. ou are required to prepare Sales Journal b. Purchases Journal c. Three Column Cash Book d. Total Sales Account Total purchases Account f. Three Column Cash book g. Trial balance as at January 2018. e.