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2 marksClassification of Accounts and Ledger Posting

CSEC Principles of Accounts · January 2016 · Paper 2 · Question 3(a)(iii)

Jose Choice Meats provides opening cash and bank balances along with May transactions.

Prepare and close the Discount Allowed Account using the given ledger format.

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Other parts of this question

  1. 3(a)(i)State what type of discount was given on May 2.[1 mark]
  2. 3(a)(ii)Record the given transactions in the Cash Book and balance the Cash Book at month end.[14 marks]
  3. 3(a)(iv)Explain the significance of the balance remaining in Mr Martinez's bank account at month end.[1 mark]
  4. 3(b)List and calculate the total value of Revenue Expenditure in the month of May for Mr Martinez.[2 marks]

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