The books of original entry for James Plc showed the following for the month ended 31 March
Question:
The books of original entry for James Plc showed the following for the month ended 31 March 20X9:
Previous trade receivable/trade payable balances were £53,450/£42,150.
Required
Prepare the sales ledger and the purchases ledger control accounts.
Transcribed Image Text:
Cash book: Discounts allowed Payments received from credit customers Discounts received Payments to credit suppliers Journal: Irrecoverable debts written off Purchases day book Sales day book Returns inward Returns outward Contra £ 7,300 294,100 3,150 249,200 £ 1,500 253,200 316,250 5,100 4,710 1,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 70% (10 reviews)
To prepare the sales ledger control account you will need to start by taking the previous trade rece...View the full answer
Answered By
Vikas Rathour
I have been tutoring for over five years, and I have experience with students of all ages and levels. I have a degree in Education and I am currently working on my Master's degree in Education. I am patient and adaptable, and I am confident that I can help any student improve their grades and confidence in any subject.
0.00
0 Reviews
10+ Question Solved
Related Book For
Introduction To Financial Accounting
ISBN: 9781526803009
9th Edition
Authors: Anne Marie Ward, Andrew Thomas
Question Posted:
Students also viewed these Business questions
-
The financial year of The Better Trading Company ended on 31 December 2014. You have been asked to prepare a Total Accounts Receivable Account and a Total Accounts Payable Account in order to produce...
-
The following particulars relating to the year ended 31 March 20X9 have been extracted from the books of Ball and Chain Ltd. All sales have been recorded in personal accounts in the sales ledger, and...
-
The following particulars relating to the year ended 31 March 20X9 have been extracted from the books of Heel and Toe, footwear wholesalers. All sales have been recorded in personal accounts in the...
-
A $250 suit is on sale for $190, and a $90 pair of shoes is on sale for $65. Find the average percent decrease in price for the 2 items.
-
The profit calculation in the chapter assumes that you borrow at a fixed interest rate to finance investments. An alternative way to borrow is to short-sell stock. What complications would arise in...
-
William Howe must decide whether to start a business renting beach umbrellas at an ocean resort during June, July, and August of next summer. He believes he can rent each umbrella to vacationers at...
-
Why can patterns be labeled experienced reuse?
-
This case, based on the balance sheet of Starbucks Corporation, will familiarize you with some of the assets and liabilities of that company. Visit www.pearsonhighered.com/Horngren to view a link to...
-
George Kyparisis makes bowling balls in his Miami plant. With recent increases in his costs, he has a newfound interest in efficiency. George is interested in determining the productivity of his...
-
The chapter opener discusses how DASANI was able to use creative advertising to reposition the brand and make it the leading brand of bottled water. Evaluate the creative strategy used by The...
-
The following information has been extracted from the books of a trader at 1 July 20X8: Required Write up the sales ledger control account and the purchases ledger control account for the year ended...
-
Catherine Big has a cash balance of 52,900 on 1 June 20X9. She opens a current account on that date, with Belfast Bank, depositing 50,000. Her transactions during the next three days included the...
-
Should managers be parochialistic? Why or why not?
-
(7.8.c] What is output when the following code is executed? def foo(list): for i in range(len(list)): list[i] = list[i] 2 def main(): 1st 13, 7, 4, 5, 8, 10] foo (1st) print (1st) main()
-
Packer, Inc., a U.S. producer of computer disks, plans to establish a subsidiary in Mexico in order to penetrate the Mexican market. Packer's executives believe that the Mexican peso's value is...
-
Silicon Valley Bank has recently published their financial results for FY2023. The Company managed to generate $1.4 billion (bn) in sales with a 30% gross margin and a 5% net margin. Depreciation for...
-
What are the advantages and disadvantages of each main type of life insurance (term life insurance, whole life insurance, variable life insurance, universal life insurance and annuities) ? What are...
-
A firm has $10m ($1m shares @ $10 each). The firm is planning to invest this $10m in a year-long project that will generate $14m after one year. If the opportunity rate is 13%, find NPV of the...
-
Show that the correspondence described in the preamble is a bijection between the set of permutations of {1, 2, 3, . . . , n} and the nonnegative integers less than n!.
-
Write the statement to store the contents of the txtAge control in an Integer variable named intAge.
-
Marmite Ltd obtains a 750,000 loan which is repayable over the next five years. The bank has agreed to accept the following repayments. The repayments are varied to match to periods when Marmite Ltd...
-
Explain the difference between a reserve and a provision.
-
Briefly explain the reason(s) for the separate disclosure of components of financial performance such as discontinued operations, exceptional and extraordinary items in published company financial...
-
IN-CLASS TASK Mr. W. is a 63-year-old recently retired engineer with a history of irritable bowel syndrome that causes frequent diarrhea and rectal bleeding. His wife is a schoolteacher. In...
-
a) Draw the complete circuit diagram for a SR-flip flop using only NAND gates. b) Provide the truth table for the circuit in part a) c) Which state in SR latch is not stable? Briefly explain the...
-
Find the compound interest and future value. Round your answers to the nearest cent. Do not round intermediate steps. Principal Rate Compounded Time $520 4.85% Quarterly 6 years The future value is $...
Study smarter with the SolutionInn App