The following transactions were extracted from the books of Adamu, a sole trader for the month of March 2016. March 4: Sold 80 bags of maize on credit to Pa...

Question 1 Report

The following transactions were extracted from the books of Adamu, a sole trader for the month of March 2016.

March 4: Sold 80 bags of maize on credit to Papuk at N255 per bag subject to a trade discount of 5%.
March 10: Sold goods on credit to Abass for N1,170.
March 15: Received a cheque from Papuk for the amount due, less a discount of 10%.
March 20: Received cash of N900 from Abass.

You are required to prepare:

(a) Sales Journal;

(b) Customers' Accounts in the Sales Ledger;

(c) Sales Ledger Control Account

Answer

Date	Invoice No.	Customer Name	Amount	Trade Discount	Net Amount
March 4	001	Papuk	N20,400	N1,020 (5%)	N19,380
March 10	002	Abass	N1,170	-	N1,170

Date	Invoice No.	Details	Debit	Credit	Balance
March 4	001	Sales	-	N19,380	N19,380
March 15	-	Discount	N2,040	-	N17,340

Date	Invoice No.	Details	Debit	Credit	Balance
March 10	002	Sales	-	N1,170	N1,170
March 20	-	Payment	N900	-	N270

Date	Invoice No.	Details	Debit	Credit	Balance
March 4	001	Sales

Date	Invoice No.	Customer Name	Amount	Trade Discount	Net Amount
March 4	001	Papuk	N20,400	N1,020 (5%)	N19,380
March 10	002	Abass	N1,170	-	N1,170

Date	Invoice No.	Details	Debit	Credit	Balance
March 4	001	Sales	-	N19,380	N19,380
March 15	-	Discount	N2,040	-	N17,340

Date	Invoice No.	Details	Debit	Credit	Balance
March 10	002	Sales	-	N1,170	N1,170
March 20	-	Payment	N900	-	N270

Date	Invoice No.	Details	Debit	Credit	Balance
March 4	001	Sales

The Final Accounts Of A Sole Trader

View Answer

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