Transaction Analysis June 2020

What was the total amount of cash sales paid directly into the bank on June 3?

How much cash was withdrawn from the bank for business use on June 8?

What was the cash discount received on D.Kehinde's payment on June 12?

What was the total cash balance before the transactions on June 1, 2020?

What was the total amount paid in cash for rent on June 5?

What amount was received by cheque from D.Sanni on June 29?

Which transaction was recorded on June 2, 2020?

What amount was credited to cash from sales on June 30, 2020?

What was the total cash withdrawal recorded on June 8, 2020?

Which of the following transactions took place on June 16, 2020?

Transaction Analysis

Alhají Aberuagba's business transactions for June 2020 are detailed.
Opening balances: Cash - ₦9,700, Bank - ₦218,600.
Customer receivables include R. Hausa (₦100,000), C. Kola (₦28,000), P. Peters (₦18,000), and R. Chinwe (₦60,000).
June 3: Cash sales directly deposited into the bank - ₦13,400. Rent paid in cash - ₦8,800.
Payments to suppliers (after discounts): J. Charles (₦40,000), H. Salam (₦64,000), D. Craig (₦20,000), with a 22% discount applied to each payment.
June 8: Cash withdrawn from the bank for business use - ₦25,000.
June 10: Cash sales - ₦20,600.
June 12: D. Kehinde payment of ₦8,900 by cheque, less a ₦200 cash discount.
June 14: Paid wages in cash - ₦254,000.
June 16: Payments by cheque(with discounts): L. Lucas (₦11,700), less ₦6,000 discount and D. Fisher (₦20,600), less ₦800 discount.
June 20: Bought fixtures by cheque - ₦800,000.
June 24: Bought a motor van by cheque - ₦716,600.
June 29: Received a cheque for ₦16,900 from D. Sanni
June 30: Cash sales - ₦116,000.

Three Column Cash Book

The transactions need to be recorded in a three-column cash book.
Sample entries for the three-column cash book are provided, including dates, descriptions, cash amounts, and bank amounts.
The balance in cash account - ₦116,500
The balance in the bank account - ₦1,234,700

This quiz covers the detailed transactions of Alhají Aberuagba's business for June 2020, including cash sales, payments, and receivables. Participants will analyze the different types of transactions and their impacts on the business's financial statements. Test your understanding of transaction analysis and accounting principles.