You have just joined Makwebo Ltd as a trainee accountant; you could not get hold of the day books in full, except for the day-book summaries shown below.
Day-book summaries
Net VAT Gross Sales K 1,680 K 320 K 2,000
Purchases K 1,260 K 240 K 1,500
Sales returns K 420 K 80 K 500
Purchases returns K 252 K 48 K 300
Additional information:
• The firm offered K100 cash discount to its customers.
• The firm was offered K250 cash discount by its suppliers.
• K200 debts from customers were declared to be bad.
• K400 cheque was paid to the suppliers by.
• K500 cheque was received from a customer.
• K100 cash was received from a customer
• K150 cash was paid to a supplier.
Required Prepare and balance off the relevant ledger accounts in the general ledger for Makwebo Ltd taking into account the day-book summaries and additional information given above.
