As at 30 June 2012 an amount of 24,500 owed to City Stores is reported in the

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As at 30 June 2012 an amount of £24,500 owed to City Stores is reported in the Trade payables control account and £7,200 due from the same party reported in the Trade receivables control account, though set-off has been agreed with City Stores.

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Set out in the form of journal entries how the set off should be accounted for.

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Financial Accounting An Introduction

ISBN: 9780273737650

2nd Edition

Authors: Mr Barry Elliott, Mr Augustine Benedict

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Question Posted: Aug 30, 2023 08:25 AM

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As at 30 June 2012 an amount of 24,500 owed to City Stores is reported in the

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In the General ledger Payables control ac To Receivables control ...View the full answer

Financial Accounting An Introduction

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