Question

Yogen had the following transactions with a creditor, Sulem, 2017
June 1 Balance from May 14,000
2 Bought stock from Sulem on credit Kshs. 80,000
4 Returned faulty goods to Sulem Kshs. 2,000
7 Paid Sulem the debt by cash less 2% discount.
Prepare Sulem’s account as it would appear in the books of Yogen.

Answer 1

Dr                                                        Sulem’s Account                                                  Cr
2017	details	amount	2017	details	amount
June 4 7 7	Return out.  Disc. Recvd  Cash	2,000  1,840  90,160	June 1 2	Bal b/d Purchases	14,000 80,000
		94,000			94,000