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Zorluk: Çok zorThree-Column Cash Book and Trade/Cash Discounts

Kalu had a cash balance of ₦18,500\text{₦}18,500 and a bank overdraft of ₦6,200\text{₦}6,200 on June 1. During June, the following transactions took place:

- June 5: Purchased goods listed at ₦40,000\text{₦}40,000 subject to a 10%10\% trade discount and a 5%5\% cash discount, paying immediately by cheque.
- June 12: Received a cheque from Tunde for ₦24,000\text{₦}24,000 in full settlement of a debt of ₦25,000\text{₦}25,000.
- June 18: Deposited ₦8,000\text{₦}8,000 cash into the bank account.
- June 24: Tunde's cheque was returned by the bank dishonoured.

What is the closing balance of the Bank column in Kalu's three-column cash book at the end of June?

  1. ₦32,400\text{₦}32,400 overdraftCevap
  2. B
    ₦8,400\text{₦}8,400 overdraft
  3. C
    ₦33,400\text{₦}33,400 overdraft
  4. D
    ₦36,200\text{₦}36,200 overdraft

Cevap

₦32,400\text{₦}32,400 overdraft
Trade discount (10%10\% of ₦40,000=₦4,000\text{₦}40,000 = \text{₦}4,000) reduces the net price to ₦36,000\text{₦}36,000. The 5%5\% cash discount is calculated on ₦36,000\text{₦}36,000 (1,8001,800), leaving a net cheque payment of ₦34,200\text{₦}34,200 credited to the Bank column. Tunde's cheque receipt of ₦24,000\text{₦}24,000 and the cash deposit of ₦8,000\text{₦}8,000 are debited to Bank (totaling ₦32,000\text{₦}32,000). When Tunde's cheque is dishonoured, ₦24,000\text{₦}24,000 is credited back to the Bank column. Summing the credits (₦6,200\text{₦}6,200 opening overdraft + ₦34,200\text{₦}34,200 cheque paid + ₦24,000\text{₦}24,000 dishonoured cheque = ₦64,400\text{₦}64,400) and subtracting debits (₦32,000\text{₦}32,000) gives a closing credit balance of ₦32,400\text{₦}32,400 overdraft.

Adım Adım Çözüm

1
Calculate the net cheque payment for the June 5 purchase
Trade discount = 10%×40,000=₦4,00010\% \times 40,000 = \text{₦}4,000. Net invoice price = 40,000−4,000=₦36,00040,000 - 4,000 = \text{₦}36,000. Cash discount = 5%×36,000=₦1,8005\% \times 36,000 = \text{₦}1,800. Net amount paid by cheque = 36,000−1,800=₦34,20036,000 - 1,800 = \text{₦}34,200 (Credited to Bank column).
Trade discount is deducted first before entering into the cash book. Cash discount is calculated on the net invoice price and recorded in the Discount Received column.
2
Record the receipt of Tunde's cheque on June 12 and the cash deposit on June 18
June 12 cheque received = ₦24,000\text{₦}24,000 (Debited to Bank column). June 18 contra cash deposit = ₦8,000\text{₦}8,000 (Debited to Bank column).
Cheques received and cash paid into bank increase the bank balance and are debited to the Bank column.
3
Record the dishonoured cheque on June 24
Credited ₦24,000\text{₦}24,000 to the Bank column.
When a customer's cheque is dishonoured, the exact cheque amount previously debited must be credited to the Bank column to reverse the entry.
4
Compute total Debits and total Credits for the Bank column
Total Credit entries = Opening Overdraft (₦6,200\text{₦}6,200) + Purchases Cheque (₦34,200\text{₦}34,200) + Dishonoured Cheque (₦24,000\text{₦}24,000) = ₦64,400\text{₦}64,400.
Total Debit entries = Tunde Cheque (₦24,000\text{₦}24,000) + Cash Deposit (₦8,000\text{₦}8,000) = ₦32,000\text{₦}32,000.
Aggregate all receipts and payments to determine the net position.
5
Calculate the closing Bank balance
Net Credit Balance = ₦64,400−₦32,000=₦32,400\text{₦}64,400 - \text{₦}32,000 = \text{₦}32,400 Overdraft.
Since total credits exceed total debits, the closing balance is a bank overdraft.

Anahtar Kavram

Treatment of compound discounts, contra entries, dishonoured cheques, and bank overdraft balancing in a three-column cash book.
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Three-Column Cash Book and Trade/Cash Discounts

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