Richard, a newsagent, reported as at 30 June 2011 Trade receivable as 79,400 and the balance at

Question:

Richard, a newsagent, reported as at 30 June 2011 Trade receivable as £79,400 and the balance at bank as £59,400. Daily takings are banked intact and all payments made by cheque. The total of all cheque counterfoils issued in the year to 30 June 2012 amounts to £394,200. Extracts from the year-end Trial Balance as at 30 June 2012 is shown on the left. Sales are always effected at cost plus 20%. Cost of inventory on 30 June 2012 was £62,500. You have been requested to identify the amount of any cash misappropriated in the year ended 30 June 2012.