A. Henriques has the following purchases and sales for May 2020: Sold to M. Marshall the...
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A. Henriques has the following purchases and sales for May 2020: Sold to M. Marshall the following (in £s), less 25 per cent trade discount: Brass goods 34 46 1 Bronze goods 7 Sold to R. Richards. Marshall the following (in £s), less 33.33 per cent trade discount: Tin goods 80 Lead goods 240 9 Bought from C. Clarke the following (in £s), less 40 per cent trade discount: Tin goods 410 16 Bought from A. Charles the following (in Es), less 50 per cent trade discount: Copper goods 330 23 Sold to T. Young the following (in Es), less 20 per cent trade discount: Tin goods Brass goods Lead goods 31 Bought from M. Nelson the following (in £s), less 50 per cent trade discount: Brass goods 110 60 80 90 (a) Write up the sales and purchases day books, having in mind that (as opposed to cash discounts) trade discounts are deducted directly from purchases/sales right at the eginning and it's the net amount affter discount which will be recorded. (no need to separate sales of different types of goods) (b) Post the items to the personal accounts. (c) Post the totals of the day books to the sales and purchases accounts. A. Henriques has the following purchases and sales for May 2020: Sold to M. Marshall the following (in £s), less 25 per cent trade discount: Brass goods 34 46 1 Bronze goods 7 Sold to R. Richards. Marshall the following (in £s), less 33.33 per cent trade discount: Tin goods 80 Lead goods 240 9 Bought from C. Clarke the following (in £s), less 40 per cent trade discount: Tin goods 410 16 Bought from A. Charles the following (in Es), less 50 per cent trade discount: Copper goods 330 23 Sold to T. Young the following (in Es), less 20 per cent trade discount: Tin goods Brass goods Lead goods 31 Bought from M. Nelson the following (in £s), less 50 per cent trade discount: Brass goods 110 60 80 90 (a) Write up the sales and purchases day books, having in mind that (as opposed to cash discounts) trade discounts are deducted directly from purchases/sales right at the eginning and it's the net amount affter discount which will be recorded. (no need to separate sales of different types of goods) (b) Post the items to the personal accounts. (c) Post the totals of the day books to the sales and purchases accounts.
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Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
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