Reference no: EM132629326

Question - Cash Book

Rainbow Aces Trading buys and sells soft furnishings and office equipment. In August 2012, the following receipts and payments occurred:

2014

Aug 1 Balance as per cashbook: Bank RM1,950 and cash RM860.

Aug 3 Purchases made by cash worth RM230.

Aug 4 Received cheque for sales amounting to RM470.

Aug 7 Paid electricity bill by cheque amounting to RM510.

Aug 10 Sales by cheque worth RM380.

Aug 11 Salaries paid amounting to RM250 by cheque.

Aug 12 Cash sales received RM290.

Aug 15 Travelling expenses worth RM40 paid by cash.

Aug 16 Paid water bill of RM410 by cheque.

Aug 19 Took out cash of RM150 for personal use.

Aug 20 Stationery expenses by cash worth RM30.

Aug 20 Purchases made by cheque amounting to RM320.

Aug 23 Paid cash RM350 into bank.

Aug 24 Deposited RM500 into cash for the business.

Aug 25 Purchased computer for RM2,500 and paid by cheque.

Aug 26 Received a cheque amounting to RM1,000 from John as a loan.

Aug 26 Returned goods worth RM170 and received a cash refund.

Aug 27 Paid insurance of RM280 in cash.

Aug 29 Withdrew cash of RM180 from bank.

Aug 30 Received a cheque from Netload Trading for RM350 after deducting RM10 cash discount.

Aug 30 Received a cheque from Hudson for RM580 after deducting RM15 cash discount.

Aug 30 Paid Chairs Enterprise a cheque for RM190 after deducting RM20 cash discount.

Aug 30 Received a cheque from English Carpets worth RM100 after deducting RM70 cash discount. However, the cash discount was not allowed.

Aug 30 Paid Cabin Trading cheque of RM500 on account.

Aug 30 Paid Donald Sdn. Bhd. a cheque of RM500 after deduction of RM25 cash discount.

Required -

I. Enter the above details in a three-column cashbook.

II. State the total of the two discount columns and the ledger accounts where these totals will be posted, as well as to which side of each account.