At the end of September 20x1, the closing balance on the account of P. Mason, a receivable,

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At the end of September 20x1, the closing balance on the account of P. Mason, a receivable, exceeded the opening balance by R1 986. During the month he returned goods that cost him R2 815 and paid R55 000 in cash.

The payments in cash were subject to a settlement discount of 5% with the exception of certain goods sold and paid for amounting to R7 500 (you may assume that settlement discounts granted have always been taken up). He was given a further special allowance of R1 000 on defective goods. The invoice relating to these goods had not been paid for by 30 September 20x1.


You are required to:

Prepare the general ledger account of P. Mason to calculate the value of goods invoiced to him during September 20x1. Ignore VAT.

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Related Book For  answer-question

Fundamental Accounting

ISBN: 9781485112112

7th Edition

Authors: David Flynn, Carolina Koornhof, Ronald Arendse, Anna C. E. Coetzee, Edwardo Muriro, Louise Christel Posthumus, Louise Mancy Smit

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