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Topic Content:
- Illustration – Purchase Day Book
Illustration 4.2.1:
Enter the Transactions below in the books of Jonathan:
| Feb 1: | Bought goods on Credit from Lopez: 20 Rulers @ ₦50 each 26 Big notes @ ₦70 to each Less: \(\scriptsize 2 \frac{1}{2} \%\) or (2.5%) Trade discount. |
| Feb 14: | Purchased goods on Credit from Olisa: 25 Shoes @ ₦30 each 24 Shirts @ ₦20 each Less 5% discount |
Required:
(i) Prepare the Purchase Day book
(ii) Post the items to the ledger.
Solution:
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Great illustration,it really helped me.