A summary of a retailers bank statements identified that, during the year, cheques for 948,500 were drawn

Question:

A summary of a retailer’s bank statements identified that, during the year, cheques for £948,500 were drawn in the name of suppliers. However, cheques drawn in the name of suppliers not presented to the bank were £42,400 at commencement and £59,200 at the end of the year. Trade payables were £214,600 at commencement and £159,400 at the end of the year. Cash discounts received amounted to £9,400. Identify the amount of purchases during the year.