The financial year of The Better trading Company ended on 30 November 2012. You have been asked to prepare a Total receivables account and a Total payables account. You are able to obtain the following information for the financial year from the books of original entry:

According to the audited financial statements for the previous year, Receivables and Payables as at 1 December 2011 were £26,555 and £43,450 respectively.

Required: 

Draw up the relevant Total (Control) accounts.

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Sales: Cash Credit Purchases: Cash Credit Receipts from credit customers Payments to suppliers on credit Discounts allowed Discounts received £344,890 £268,187 £14,440 £496,600 £250,570 £403,970 £5,520 £3,510 Refunds given to cash customer Balance in the Sales ledger set off against the balance in the Purchases ledger Bad debts written off Increase in the provision for bad debts Credit notes issued to credit customers Credit notes received from credit suppliers £5,070 £70 £780 £90 £4,140 £1,480