Question

5. SECTION B - BOOKKEEPING PRACTICE. The following transactions relate to Best Enterprises for the month of September 2022: Sept 1: Sold stationery to Gloria #2,000,000, less 10% trade discount. 3: Purchased from Nini: 200 benches at #2,000 each; 100 armchairs at #3,000 each; less 10% trade discount. 5: Purchased from Emmansco Ltd 10 bottles of wine at #3,000 each. 7: Returned 60 benches purchased on 3rd September to Nini. 9: Sold to Ekemi: 300 mathematical sets at #1,500 each, less 15% trade discount; 150 packets of chalk at #1,000 each. 12: Ekemi returned 10 mathematical sets bought on 9th September. 15: Sold to Affiong: 80 school lockers at #1,600 each; 250 dusters at #3,500 each, invoice subject to 15% trade discount; Affiong was allowed 50% reduction on total invoice price for goods damaged in transit. 28: Purchased from Okon: 100 exercise books at #1,500 each; 50 drawing books at #2,000 each; 300 pencils at #1,800 each. You are required to prepare: (a) Sales Day Book; (b) Sales Returns Book; (c) Purchase Day Book; (d) Purchase Returns Book.

Accepted Answer

(a) Sales day book -- Gloria: Stationery, 1 x #2,000,000 (less 10%) = #1,800,000. Ekemi: Maths set 300 x #1,500 (less 15%) = #382,500; Chalk 150 x #1,000 = #150,000. Affiong: School lockers and Dusters, less 15% trade discount then less 50% reduction for damaged goods = #128,000 (net). Total sales day book = #1,603,000 (per the worked totals in the key).

(b) Sales returns book -- 12/09/2022 Ekemi: 10 Math sets returned at #1,500 = #15,000.

(c) Purchase day book -- Nini: 200 Benches at #2,000 = #400,000; 100 Armchairs at #3,000 = #300,000 (less 10% trade discount). Emmansco: 10 bottles Wine at #3,000 = #30,000. Okon: 100 Exercise books at #1,500 = #150,000; 50 Drawing books at #2,000 = #100,000; 300 Pencils at #1,800 = #540,000. Total = #1,520,000.

(d) Purchase returns book -- 07/09/2022 Nini: 60 Benches returned at #2,000 = #120,000.

WAEC Book Keeping 2024 Theory — Question 5

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