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Homework answers / question archive / a) The following transaction occurred during the month of July 2011 in the books of Zephaniah

a) The following transaction occurred during the month of July 2011 in the books of Zephaniah

Accounting

a) The following transaction occurred during the month of July 2011

in the books of Zephaniah. 1 July                Cash in hand Sh.141,300; cash at bank sh.228,600 and capital
account Shs.369,900
3 July             Bought goods for cash at Sh.36,900.
4 July             Purchased good on credit from Muna for Sh.52,200 less 10% trade discount.
7 July             Sold goods on credit to Bedi for Sh.80,100 less 20% trade discount.
9 July             Withdrew Sh.4,500 from the bank for private use. 11 July                 Sold goods on credit to Amotto for Sh.57,600.
15 July            Paid Muna Sh.45,000 by cheque in full settlement of their account.
20 July            Amotto returned goods worth Sh.3,600. 21 July                 Received Sh.36,000 in cash from Amotto.
22 July            Purchased furniture on credit for Sh.7,200 from Kanji House. 23 July                 Purchased goods on credit from Shimoni for Sh.78,300.
25 July            Deposited cash into the bank amounting to Sh.19,800.
28 July             Amotto  was declared  bankrupt.    He paid only Sh.9,000 by cheaque to Zephaniah the balance is bad debts.
29 July            Goods worth Sh.5,400 were returned to Shimoni.
30 July            Goods worth Sh.3,600 were taken by the proprietor for personal use.
30 July            Paid Sh.4,500 by cheque for advertisement.
31 July            Paid salaries to staff in cash amounting to Sh.16,200. 31 July                 Made cash sales amounting to Sh.196,200.
31 July            Paid into bank cash amounting to Sh.180,000
31 July            Received a cheque for Sh.53,100 from Bedi after allowing a discount of Sh.900.


Required:
(i) Three-column cash book recording the above transactions.

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