The following data relates to the cash and bank transactions of S Hickling for the month of
Question:
The following data relates to the cash and bank transactions of S Hickling for the month of November 2012. You are required to construct the cash book for that month.
Transcribed Image Text:
Nov 01 Balances at the start of the month: Cash in hand 11 Overdraft of 289 Nov 02 Borrowed 430 from E Allston, money paid directly into bank Nov 04 The following paid their accounts by cheque, in each case deducting 2.5% cash discounts (the amounts are pre discount): T Joyner 280 S Platt 160 M Brookes 400 Nov 08 Paid wages 177 by cheque Nov 10 Paid P Yarrow by cheque 285 (based on an invoice of $300 and a 5% discount) Nov 12 Bought computer for office use paying by cheque 320 Nov 15 Withdrew 50 from bank for cash till Nov 17 The following invoices are settled by cheque with the suppliers each allowing a 5% discount (the invoice total is pre discount): M Skipsey 280 P Muskett 220 Nov 19 Cash purchases for 79 Nov 21 Commission received 48 cash Nov 24 The following paid their accounts by cheque, in each case deducting 5% cash discounts (the amounts are pre discount): E Dixon 240 J Shephardson 100
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (1 review)
2012 Nov 01 Balance bd Nov 02 E Allston Nov 04 T Joyner Nov 04 ...View the full answer
Answered By
Ali Khawaja
my expertise are as follows: financial accounting : - journal entries - financial statements including balance sheet, profit & loss account, cash flow statement & statement of changes in equity -consolidated statement of financial position. -ratio analysis -depreciation methods -accounting concepts -understanding and application of all international financial reporting standards (ifrs) -international accounting standards (ias) -etc business analysis : -business strategy -strategic choices -business processes -e-business -e-marketing -project management -finance -hrm financial management : -project appraisal -capital budgeting -net present value (npv) -internal rate of return (irr) -net present value(npv) -payback period -strategic position -strategic choices -information technology -project management -finance -human resource management auditing: -internal audit -external audit -substantive procedures -analytic procedures -designing and assessment of internal controls -developing the flow charts & data flow diagrams -audit reports -engagement letter -materiality economics: -micro -macro -game theory -econometric -mathematical application in economics -empirical macroeconomics -international trade -international political economy -monetary theory and policy -public economics ,business law, and all regarding commerce
4.00+
1+ Reviews
10+ Question Solved
Related Book For
Frank Woods Business Accounting Basics
ISBN: 9780273725008
1st Edition
Authors: Frank Wood, Mr David Horner
Question Posted:
Students also viewed these Business questions
-
The following data relates to the cash and bank transactions of J Ashmore for the month of October 2013. You are required to construct the cash book for that month. Oct 1 Balance in cash till 41...
-
Judith Johnson a 45-year-old female, who is a prominent attorney in the community, has been practising in Durban, KwaZulu-Natal for the past 20 years. Judith is a healthy and active person who has...
-
The following data relates to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 31: Cash $7,900 Accounts receivable $21,600 Stock $42,000...
-
Given that log (2) 0.91 and log (5) 2.1, evaluate each of the following. Hint: use the properties of logarithms to rewrite the given logarithm in terms of the the logarithms of 2 and 5. a) log(0.4)~...
-
Why must the balance of payment as a whole always balance? What is doubleentry bookkeeping? Why does doubleentry bookkeeping usually involve an entry called statistical discrepancy? How does such a...
-
How does branding support marketing strategy?
-
Analyze social class differences in the United States by relating income inequality, class mobility, and class subcultures.
-
You are the operations manager for a manufacturing plant that produces pudding food products. One of your important responsibilities is to prepare an aggregate plan for the plant. This plan is an...
-
using the following maturity terms and annual interest rate : Maturity Annual Interest Rate (%) 1 Year 1.25% 2 Years 1.5% 5 Years 2% 10 Years 3% Assuming joe and julia has their first yearly saving...
-
From the following data, construct the cash book for the month of February 2015. Feb 1 Balances at the start of the month: Bank 878, Cash in hand 101 Feb 2 Bought equipment paying by cheque for 325...
-
Write up a two-column cash book from the following data. May 01 Balances at start of month Bank 45.62 (0/d) Cash in till 23.92 May 02 Petrol paid 16.23 cash May 04 Cash sales of 215.00 paid directly...
-
The marriage of mobile and social is known as SoLoMo. Define what it is and how it is used.
-
How can Big Data support HR decisions?
-
What is the difference between the data view of a system and the process view of a system? Why is this distinction important when designing a new system?
-
What is a LLC? What are its advantages and disadvantages?
-
What are the three broad categories of data that an HRIS manages?
-
Even if a system pays for itself financially, an organization must conduct a thorough feasibility study. What types of feasibility should be assessed, and what information does each type of...
-
Why do you think they didnt consider the situation of the passengers?
-
The cash records of Holly Company show the following four situations. 1. The June 30 bank reconciliation indicated that deposits in transit total $720. During July, the general ledger account Cash...
-
Barbara owns 40% of the stock of Cassowary Corporation (a C corporation) and 40% of the stock of Emu Corporation (an S corporation). In the current year, each corporation has operating income of...
-
Determine whether the following expenditures by Cuckoo Corporation are organizational expenditures, startup expenditures, or neither. a. Legal expenses incurred for drafting the corporate charter and...
-
When are C corporations required to make estimated tax payments? How are these payments calculated?
-
Write a method that calculates the factorial of a given number. Factorial is the product of all positive integers less than or equal to n. For example, factorial(4) = 4x3x2x1 = 24. TIP: To make it...
-
There is a faulty program/code snippet in the following textbox. fix the faulty code. public int countPositive (int () ) { //Effects: If x=-null throw NullPointerException else return the number of...
-
Design the circuit with minimum number of basic logic gates. O Implement the following Boolean function, F with the different 2-level forms listed below: F(x, y, z) = ((x + y) + z) i. AND NOR ii. OR...
Study smarter with the SolutionInn App