Q.1 The following balances were extracted from the books of ALL DIE BE DIE Enterprise for the month of August 2020.
Cash on hand
The following transactions took place during the month of September 2020:
Paid cash 13,000 for rent.
Credit Sales: Ascertain GH₵50,000, Joe GH₵55,000 Freeman GH₵117,000.
Cash Sales GH₵150,000.
Credit Purchases: Suzzy GH₵30,000, Jane GH₵35,000, Pao GH₵59,000.
Received cheques Ascertain: GH₵40,000, Joe GH₵1,000, Freeman GH₵ 96000
Paid cheques: Suzzy GH₵ 24,000 (Discount GH₵2,000), Jane GH₵20,000, Pao
Return Inwards: Ascertain 10,000, Joe GH₵1,000, Freeman GH₵3,000
10 Return Outwards: Jane GH₵3,000, Pao GH₵1,000.
Credit Sales: Ascertain GH₵50,000, Joe GH₵40,000, Freeman GH₵15,000.
Cash Sales GH₵180,000
Paid Insurance GH₵50,000
Credit purchases: Jane GH₵12,500, Pao GH₵20,500, Suzzy GH₵18,000
Cash Sales GH₵120,000.
Received Cheques: Ascertain GH₵20,000 (Discount GH₵ 1,000) Joe
GH₵27,000, Freeman GH₵ 8,500 (Discount 1,500).
Paid cheques Suzzy GH₵15,000, Jane GH₵GH₵18,000 (Discount GH₵500)
Pao GH₵ 21,000 (Discount GH₵ 1,500).
Cash purchases GH₵120,000
Paid cash into Bank GH₵150,000
Purchased office furniture by cheque GH₵250,000
i. Write up the above transactions in the relevant Books of Original Entry and determine the Opening Capital
ii. Write up the three - column cash book.
iii. Post to the relevant personal and impersonal ledgers.
iv. Prepare a Trial Balance.