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Good morning Nmesoma. Try going over it again and if you need further help you can reach out to me on 08145009622

Tell me where you don't understand and I'll be glad to help you understand.

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In the question the discount given had already been calculated. If it's not calculated you'll be given percentage on sales to calculate discount given and percentage on purchase to calculate discount received.

​@@collinsjunior6513okay thank u

Yes it is. Bank will reduce on the credit side while Cash will increase on the debit side.

@collinsjunior6513 thank you. Another question, I saw somewhere where they calculated discount allowed and discount received, to get the actual amount, but on your three column Cash book video you did not calculate the discount allowed and received! You just put the 28% as it is. So is it still the correct thing if I choose either one of the methods?

I'll do that in my next video. Do well to subscribe and turn on the notification button to watch live video update.

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Then Add opening stock and purchases then subtract return outwards(if any), to arrive at cost of goods available for sale.

After you subtract closing stock, the figure you have is cost of goods sold. Must have been a written error.

Thanks plenty

You'll use cost of goods available for sell and sales to determine your gross profit/loss. You'll always be given closing stock as the Trading, profit and loss account is prepared at the end of an accounting year.

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Thanks for watching

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Yes you can. +2348145009622

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