Question

From the following transactions prepare journals and a cash book with a cash column, bank column and discount column...
July 1 Lee started business by paying Rs.20 000 of his savings into a business bank account
He also had Rs.500 in cash which he decided to use to pay cash expenses for the business
July 2 Bought some goods for resale for Rs.1300, paying by cheque
July 3 Paid Rs.2500 by cheque to rent some business premises
July 4 Bought some office furniture by cheque for Rs.750, Bought office stationery for Rs.120, paying by cash
July 6 Sold some goods for Rs. 1700 and paid the money into the bank, Sold more goods for Rs. 180. He received cash for this sale
July 8 Retuned some faulty goods valued at Rs. 60 to the supplier and received a cheque refund
July 9 A customer returned some faulty goods. Lee gave the customer a cash refund of Rs.25
July 10 Sold goods for Rs.420. Lee received cash for the goods. He kept Rs.200 as business cash and banked the rest Cash
July 11 Lee took cash drawings of Rs.160
July 12 Paid wages Rs. 800​

Answer 1

Answer:

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