You have just joined Makwebo Ltd as a trainee accountant; you could not get hold of the day books in full, except for the day-book summaries shown below. 

Day-book summaries 

Net VAT Gross Sales K 1,680 K 320 K 2,000 

Purchases K 1,260 K 240 K 1,500 

Sales returns K 420 K 80 K 500 

Purchases returns K 252 K 48 K 300 

Additional information: 

• The firm offered K100 cash discount to its customers. 

• The firm was offered K250 cash discount by its suppliers. 

• K200 debts from customers were declared to be bad. 

• K400 cheque was paid to the suppliers by. 

• K500 cheque was received from a customer. 

• K100 cash was received from a customer 

• K150 cash was paid to a supplier. 

Required Prepare and balance off the relevant ledger accounts in the general ledger for Makwebo Ltd taking into account the day-book summaries and additional information given above.

Answer rating: 100% (QA)

Particular Amount Particular Amount Sales Ac Sales return 1000 Account ... View the full answer