C Phillips, a sole trader specialising in material for Asian clothing, has the following purchases and sales for March 20X9:

Required:

(a) Prepare the purchases and sales day books of C Phillips from the above.

(b) Post the items to the personal accounts.

(c) Post the totals of the day books to the sales and purchases accounts.

Transcribed Image Text:

Mar 1 Bought from Smith Stores: silk £40, cotton £80. All less 25 per cent trade discount. "1 8 Sold to Grantley: lycra goods £28, woollen items £44. No trade discount. 15 Sold to A Henry: silk £36, lycra £144, cotton goods £120. All less 20 per cent trade discount. 23 Bought from C Kelly: cotton £88, lycra £52. All less 25 per cent trade discount. 24 Sold to D Sangster: lycra goods £42, cotton £48. Less 10 per cent trade discount. 31 Bought from J Hamilton: lycra goods £270. Less 33¹3 per cent trade discount. 11 11 11 "1