The following transactions relates to Konate Traders for the month of December 2010.
Dec 1st Started a business with sh. 200,000 in the Bank account.
2nd Bought furniture for sh, 50,000 and paid by cheque
3rd Sold goods on credit to Tila shs, 20,000; Katu 10,000
4th Bought goods on credit from Kahama sh 30,000; Kanga shs. 40,000
5th Returned faulty goods to Kahama sh 5,000
6th Paid Kahama on account by cheque less 10% cash discount.
7th Received faulty goods from Katu shs. 2000
8th Received payment due from Tila and Katu by cheque less 5% cash discount.
9th Cash sales shs. 100,000
10th Paid for wages shs. 20,000 by cash and electricity shs.10,000 by cheque.
11th Deposited all the cash in hand into the bank account.
Prepare a three column cash book duly balanced (10mks)