2020 JYSS 3E POA EOY P2 Q4

4 Fun Mart is in the business of selling tables and chairs, A 10% trade discount is given on all sales to Jason. The following balances are provided on 1 April 2020.

The following transactions took place:



Apr 2

Bought chairs costing $4 500 and paid by cheque.


Sold tables costing $500 to Jason on credit, at a list price of $1 200.


Jason returned damaged tables that were sold on April 6 with a list price of $600. 


Received $7 100 by cheque from Jason in full settlement of the amount owed on this date.


Paid by cheque, $900, to a credit supplier, Nimmi.


The cheque received on April 22 was dishonoured.


Prepare the following:


a. Cash at bank account


b. Jason’s account


c. Discount allowed account

[TOTAL 12]