The financial year of The Better Trading Company ended on 30 November 2024. You have been asked
Question:
The financial year of The Better Trading Company ended on 30 November 2024. You have been asked to prepare a Total Trade Receivables Account and a Total Trade Payables Account in order to produce end-of-year figures for Trade Receivables and Trade Payables for the draft final accounts.
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, trade receivables and trade payables as at 1 December 2023 were £26,555 and £43,450 respectively.
Required:
Draw up the relevant Total Accounts, entering end-of-year totals for trade receivables and trade payables.
Step by Step Answer:
Frank Woods Business Accounting An Introduction To Financial Accounting
ISBN: 9781292365435
15th Edition
Authors: Alan Sangster, Lewis Gordon, Frank Wood