The financial year of The Better Trading Company ended on 30 November 20X7. You have been asked to prepare a Total Debtors Account and a Total Creditors Account in order to produce end-of-year figures for Debtors and Creditors for the draft final accounts.

You are able to obtain the following information for the financial year from the books of original entry:

According to the audited financial statements for the previous year debtors and creditors as at 1 December 20X6 were £26,555 and £43,450 respectively.

Required:

Draw up the relevant Total Accounts entering end-of-year totals for debtors and creditors.

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Sales - cash - credit Purchases - cash - credit Total receipts from customers Total payments to suppliers Discounts allowed (all to credit customers) Discounts received (all from credit suppliers) Refunds given to cash customers Balance in the sales ledger set off against balance in the purchases ledger Bad debts written off Increase in the provision for bad debts Credit notes issued to credit customers Credit notes received from credit suppliers £ 344,890 268,187 14,440 496,600 600,570 503,970 5,520 3,510 5,070 70 780 90 4,140 1,480