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Need help with Assignment 4

annecreedannecreed New MemberRegistered Posts: 14
Hi

when you add a cheque to three column cash book after discount, do you add the discount onto the value of the cheque or take it off. also do you post to bank/cash/stationery/purchase/sales or is it petty cash account.

Comments

  • BluewednesdayBluewednesday Font Of All Knowledge Registered Posts: 1,624
    The cash book should reflect what has actually gone into the bank so you would use the bank column and put the exact amount of the cheque on it.

    It depends on what the cheque is for. If it is for a sale it would be posted into the sales ledger control account column. The discount allowed would be usually noted there and then posted into the SLCA to balance against the invoice.
  • annecreedannecreed New Member Registered Posts: 14
    Thanks

    But I think I am more confused now.
  • BluewednesdayBluewednesday Font Of All Knowledge Registered Posts: 1,624
    If you can pm me the question i can try and explain it better, different questions may have different ways of doing things so until i can see the question I'm trying to answer as best as I can.
  • annecreedannecreed New Member Registered Posts: 14
    paid by cheque £350, having taken or after taken £25 discount - is this £350 in bank and £25 in discount.
  • matthewdmatthewd Just Joined Registered Posts: 4
    I have just started this assignment also, the way i see it is that £350.00 will be paid out of the bank and £25 will be put in the discount column i hope that helps. That is the way i see the question anyway
  • annecreedannecreed New Member Registered Posts: 14
    Thank you for help.
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