The image contains a ledger or accounting record, not a homework question. It shows financial transactions…

Question

The image contains a ledger or accounting record, not a homework question. It shows financial transactions with dates, details, and amounts in different accounts like 'Cash Account' and 'Contra Account', along with 'Discount Allowed' and 'Discount Received'.

ScanSolve AI Tutor · Accepted Answer

Your entries for the individual transactions in the cash book are correct! To complete the three-column cash book, we need to calculate the totals for each column and then determine the closing balances for cash and bank.

Sum the Debit and Credit columns for Discount, Cash, and Bank.
- Debit Side Totals:
  
  Total Discount Allowed: $\text{K}112,000 + \text{K}176,000 + \text{K}240,000 + \text{K}48,000 = \text{K}576,000$
  
  Total Cash (DR): $\text{K}3,680,000 + \text{K}5,600,000 = \text{K}9,280,000$
  
  Total Bank (DR): $\text{K}76,590,000 + \text{K}2,128,000 + \text{K}3,344,000 + \text{K}4,560,000 + \text{K}16,000,000 + \text{K}1,184,000 + \text{K}1,408,000 = \text{K}105,214,000$
- Credit Side Totals:
  
  Total Discount Received: $\text{K}280,000 + \text{K}384,000 + \text{K}640,000 + \text{K}112,000 = \text{K}1,416,000$
  
  Total Cash (CR): $\text{K}704,000 + \text{K}2,560,000 + \text{K}1,920,000 + \text{K}2,128,000 = \text{K}7,312,000$
  
  Total Bank (CR): $\text{K}1,920,000 + \text{K}5,320,000 + \text{K}7,296,000 + \text{K}12,160,000 + \text{K}5,600,000 + \text{K}10,400,000 = \text{K}42,696,000$
Calculate the closing balances (Balance c/d) for Cash and Bank.
- Cash Balance c/d = Total Cash (DR) - Total Cash (CR) = $\text{K}9,280,000 - \text{K}7,312,000 = \text{K}1,968,000$
- Bank Balance c/d = Total Bank (DR) - Total Bank (CR) = $\text{K}105,214,000 - \text{K}42,696,000 = \text{K}62,518,000$
Bring down the balances as opening balances (Balance b/d) for the next period.
The closing balances on March 31 become the opening balances for April 1.

Here is the completed Three Column Cash Book:
$\begin{array}{|l|l|l|r|r|r||l|l|l|r|r|r|} \hline \textbf{Date} & \textbf{Particulars} & \textbf{Folio} & \textbf{Disc. Allowed (K)} & \textbf{Cash (K)} & \textbf{Bank (K)} & \textbf{Date} & \textbf{Particulars} & \textbf{Folio} & \textbf{Disc. Received (K)} & \textbf{Cash (K)} & \textbf{Bank (K)} \\ \hline \text{Mar 1} & \text{Balance b/d} & & & 3,680,000.00 & 76,590,000.00 & & & & & & \\ \text{Mar 2} & \text{Debtors (R Banda)} & & 112,000.00 & & 2,128,000.00 & \text{Mar 4} & \text{Rent} & & & & 1,920,000.00 \\ \text{Mar 2} & \text{Debtors (E Tobwa)} & & 176,000.00 & & 3,344,000.00 & \text{Mar 8} & \text{Creditors (N Bwalya)} & & 280,000.00 & & 5,320,000.00 \\ \text{Mar 2} & \text{Debtors (C Chola)} & & 240,000.00 & & 4,560,000.00 & \text{Mar 8} & \text{Creditors (P Tailoka)} & & 384,000.00 & & 7,296,000.00 \\ \text{Mar 6} & \text{Loan from J Kantu} & & & & 16,000,000.00 & \text{Mar 8} & \text{Creditors (C Wamulume)} & & 640,000.00 & & 12,160,000.00 \\ \text{Mar 12} & \text{B Hansengele} & & 48,000.00 & & 1,184,000.00 & \text{Mar 10} & \text{Motor Expenses} & & & 704,000.00 & \\ \text{Mar 21} & \text{Bank (Contra)} & \text{C} & & 5,600,000.00 & & \text{Mar 15} & \text{Wages} & & & 2,560,000.00 & \\ \text{Mar 31} & \text{Commission Received} & & & & 1,408,000.00 & \text{Mar 21} & \text{Cash (Contra)} & \text{C} & & & 5,600,000.00 \\ & & & & & & \text{Mar 24} & \text{Drawings} & & & 1,920,000.00 & \\ & & & & & & \text{Mar 25} & \text{T Muchona} & & 112,000.00 & 2,128,000.00 & \\ & & & & & & \text{Mar 29} & \text{Fixtures} & & & & 10,400,000.00 \\ \hline \textbf{Totals} & & & \textbf{576,000.00} & \textbf{9,280,000.00} & \textbf{105,214,000.00} & \textbf{Totals} & & & \textbf{1,416,000.00} & \textbf{7,312,000.00} & \textbf{42,696,000.00} \\ & & & & & & \text{Mar 31} & \text{Balance c/d} & & & 1,968,000.00 & 62,518,000.00 \\ \hline \textbf{Totals} & & & \textbf{576,000.00} & \textbf{9,280,000.00} & \textbf{105,214,000.00} & \textbf{Totals} & & & \textbf{1,416,000.00} & \textbf{9,280,000.00} & \textbf{105,214,000.00} \\ \hline \text{Apr 1} & \text{Balance b/d} & & & \textbf{1,968,000.00} & \textbf{62,518,000.00} & & & & & & \\ \hline \end{array}$
The final balances for March 31, 2026, are:
- Cash: $\boxed{\text{K1,968,000.00}}$
- Bank: $\boxed{\text{K62,518,000.00}}$

The image contains a ledger or accounting record, not a homework question. It shows financial transactions with dates, details, and amounts in different accounts like 'Cash Account' and 'Contra Account', along with 'Discount Allowed' and 'Discount Received'.

Answer

Step-by-step solution

Sum the Debit and Credit columns for Discount, Cash, and Bank.

Calculate the closing balances (Balance c/d) for Cash and Bank.

Bring down the balances as opening balances (Balance b/d) for the next period.

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