QUESTIONS ON PREVIOUSLY TREATED TOPICS
Hey Everyone, How is this week so
far. We are continuing this series we started last week, reviewing all the
topics we have treated by answering questions linked to the Topics we have
treated. This will help us further understand these topics and if possible be
guru's at them. So Pls Enjoy...
QUESTION 2:
The following Transactions were
extracted from the book of Mercy Land Trading Company as at 31st January 2005.
All payments were made by cheque and all receipts were paid to the bank. The
Company maintains a float of N 21, 000.
2nd Jan Cash at Eagle Bank 20, 000
2nd Jan Petty Cash in Hand 1, 400
3rd Jan Drew Cheque for Petty Cash 19, 600
5th Jan Received from Anthony, Cheque in Settlement
of his debt N32, 600 less 1% discount
6th Jan Settled Tunde's Account of N 25, 900 less 10%
discount
7th Jan Sold for cash 20MTN Cards at N750 per card
8th Jan Transferred to current account from deposit
account 70, 000
10th Jan Paid Olu
4, 800
16th Jan Paid Cheque for Motor repairs 8, 000
17th Jan Paid Ade
3, 800
