Question 2. The ABC LLC records its cash and bank transactions in a Triple Column Cashbook. The company performed the following transactions during the month of January 2020. (15+5) Jan 01: Cash in...

Extracted text: Question 2. The ABC LLC records its cash and bank transactions in a Triple Column Cashbook. The company performed the following transactions during the month of January 2020. (15+5) Jan 01: Cash in hand Rs. 1600, Cash at bank Rs. 6,730. Jan 03: Paid Jamil & Co. by check Rs. 2,350; discount received from him Rs. 50. Jan 05: Received from Rahim & Co. a check amounting to Rs. 1980, discount allowed to him Rs. 20. Jan 07: Deposited into bank the check received from Rahim & Co. Jan 10: Purchased stationary for cash, Rs. 340. Jun 15: Purchased merchandise for cash, Rs. 2,560. Jan 15: Cash sales for the first half of the month, Rs. 4,900. Jan 16: Deposited into bank Rs. 2,500. Jan 18: Withdrawn from bank for personal expenses Rs. 200. Jan 19: Issued a check amounting to Rs. 3,260 to Jamil & Co. and discount received from him Rs. 40. Jan 21: Drew from bank for office use, Rs. 840. Jan 24: Received a check amounting to Rs. 2, 870 from Haris & Co. and allowed him a discount of Rs. 30. The Haris's check was deposited into bank immediately. Jan 25: Paid a check to Jalal Inc. amounting to Rs. 770 and received a discount of Rs. 30. Jan 27: Bought furniture & fixtures for cash for office use, Rs. 760. Jan 29: Paid office utility bills by check, Rs. 700. Jan 30: Cash sales for the second half of the month Rs. 9,100. Jan 30: Paid salaries Rs. 1,520. Jan 30: Withdrew from bank Rs. 940. ii) What is a Contra Entry? In Three Column Cash Book, when does contra entry occurs and how did you enter contra entries in this question?