FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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a). Write up a two-column cash book for a second hand bookshop from the following during the month of November 2020.


1st Balance brought forward from last month: cash ¢2950; bank ¢4,240

2nd Cash sales ¢3,100


3rd Took ¢2,000 out of the cash till and paid it into the bank


4th F. Bell paid us by cheque ¢194


5th Paid for postage stamps in cash ¢80


6th Bought office equipment by cheque ¢310

7th Paid L. Root by cheque ¢940

11th Withdrew ¢1,500 from the bank for business use

12th Paid wages in cash ¢400

13th Cash sales ¢430

14th Paid motor expenses by cheque ¢810

16th J. Bull lent us ¢1,500 in cash


20th K. Brown paid us by cheque ¢174

28th Paid general expenses in cash ¢350

30th Paid insurance by cheque ¢320

 

b). The bank balance in the cash book and that of the bank statement may disgrace because of informational and timing differences. Explain.

 

 

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