cash book

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Mr. Ali has started business as a trader on 1 October, 2020. The following transactions and events of trading for his first month are as follows:

Date Transaction

1 Started the business by introducing $1,800,000 into the business bank account.

2 Rent is paid by cheque $60,000 for the month.

8 Mr. Ali paid $120,000 in cash for a van.

10 Mr. Ali purchased goods costing $72,000 on credit from Adam (invoice no Adam123).

12 Mr. Ali sold goods for $240,000 in cash.

15 Mr. Ali sold goods for $165,000 on credit to Jack (invoice no Jack001)

24 Mr. Ali paid the amount, taking advantage of a 10% settlement discount with respect to invoice no. Adam123.

25 Jack paid to Mr. Ali, taking advantage of a 8% settlement discount with respect to invoice no. jack001.

Required:

1- Enter the above transactions into an appropriate cash book (receipts and payments).

2- Post the transactions directly to the appropriate nominal ledger accounts.

3- Prepare the trial balance as at October 31, 2020. Answer 2 Scenario Questions Accurately Now BUY A NEW 100% ORIGINAL COLLEGE PAPER EFFICIENTLY

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