Neco 2021 Financial Accounting Question 6

Beta Enterprises uses a three‑column cash book (Cash, Bank and Discount) for the month of March 2023. All figures are in Naira. Opening balances: Cash 30,000 Bank 50,000 Transactions recorded in the cash book: Cash receipts: 1. Cash sales.........................45,000 2. Cash received from customers (deposited in bank)...........20,000 3. Discount received......................500 Cash payments: 4. Cash purchases.........................25,000 5. Rent paid in cash......................8,000 6. Bank payment for utilities..............5,000 7. Bank payment for loan principal........10,000 8. Discount allowed.........................300 9. Cheque received from a customer for 5,000 that later bounced (i.e., was returned unpaid). The bank statement for March shows a closing balance of 55,000. The statement also records an outstanding deposit of 3,000 (deposits made but not yet reflected) and an unpresented cheque of 2,000 (cheques issued but not yet cleared). Prepare the cash book and answer the following questions.