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Topic Content:
- Illustration – Three Column Cash Book
Illustration 6.6.1:
The following is a worked example of a Three Column Cash book. Write up a three-column cash book from the following details.
| Jan 1: | Balance brought forward: Cash in hand ₦500 Cash at Bank ₦13,000 |
| Jan 2: | Received a cash loan of ₦500 from Ojo |
| Jan 3: | Bought goods with cash ₦460 |
| Jan 4: | Bought Motor Van, paid by cheque ₦150 |
| Jan 5: | Cash withdrawn from the Bank ₦300 |
| Jan 7: | Paid wages in cash ₦70 |
| Jan 8: | Cash drawings ₦100 |
| Jan 10: | Cash sales paid directly into the bank ₦980 |
| Jan 12: | We paid the following accounts by cheque less 10% discount in each case: Bisi ₦200, Ayo ₦250 ,Esan ₦340 |
| Jan 13: | The following persons settled their debts by cheque. Less 2.5% discount in each case: Biodun ₦200, Theresa ₦360 |
| Jan 15: | Received a further loan of ₦50 from Ojo by cheque |
| Jan 16: | We paid Zidane an amount of ₦900 by cheque |
| Jan 18: | Cash sales ₦200 |
| Jan 21: | Paid Rent in cash ₦18 |
| Jan 23: | Received commission by cheque ₦120 |
| Jan 25: | The following persons settled their debts by cheque, in each case deducting 5% discount. Uson ₦500, Sofola ₦120, Jaja ₦440 |
| Jan 26: | We paid the following accounts by cheque, in each case, deducting 2% discount: Taiwo ₦600, Tunde ₦500, Victor ₦300 |
| Jan 28: | Paid Insurance by cash ₦60 |
| Jan 29: | Segun paid us a cheque for ₦78 having deducted ₦2 cash discount |
Solution:
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