Illustration 17 On 31st October, 2015 Laxmichand's Cash Book showed cash balance of 3,000 and...
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Accounting
Illustration 17 On 31st October, 2015 Laxmichand's Cash Book showed cash balance of 3,000 and overdraft of 53,450 in Current Account with Bank of India. During November, 2015 the following transactions took place : (i) Cash sales 60,000. The entire proceeds were deposited in bank. (ii) Credit sales 1,90,000 (iii) Collections from credit customers 3 1,50,000 by cheques in full payment of invoices of October, 2015 totalling to 1,53,000 (iv) Credit purchases *1,55,000. (v) Cheques of 3 1,32,000 issued to suppliers against purchases bills of October, 2015 of 1,34,000. (vi) Advances received from customers 30,000 by cheques against supplies to be made in December, 2015. (vii) Advances given to suppliers
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