the business being separate and distinct from the owners consistent with the

Section 3 (Attempt question for 10 marks) 8. Portia is an electrical goods wholesaler. The transactions for the month of August 2019, which are all on credit, were as follows: 1 Aug 4 Aug 5 Aug 7 Aug Bought on credit from Energy Ltd various bulbs with a retail price of GH41.000 and received 20% trade discount Sold goods on credit to Electrical Retailers Ltd for GH 500 and allowed them 10% trade discount on this amount Sent Electrical Retailers Ltd a credit note for goods returned that had a retail value of GH:300 Sold goods on credit to Mary Ltd for GH 600 and allowed them 20% trade discount Purchased goods with a retail value of GH1,000 from City Lights who allowed 30% trade discount Purchased on credit from Cable Metal Ltd goods costing GH4550 Sent Mary Ltd a credit note for goods returned which had a retail value of CH100 9 Aug 14 Aug 15 Aug Received a credit note for goods returned to Energy Ltd that had a retail value of GH100 Required: Make the necessary entries in the books of prime entry and show amounts to be transferred to the respective ledger accounts