Pauline is a sole trader who does not maintain full accounting records. The following details relate...
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Pauline is a sole trader who does not maintain full accounting records. The following details relate to her transactions with credit customer and suppliers for the year ended 31st Dec 2021. RM Cash received from customers 58,500 Cash paid to suppliers 35,500 Discount allowed 200 Discount received 375 Bad debts 305 Amount due from a customer offset against amount due to him 350 Trade receivables as at 1st Jan 2021 17,500 Trade receivables as at 31st Dec 2021 20,500 Trade payables as at 1st Jan 2021 7,500 Trade payables as at 31 Dec 2021 8,000 Required: Calculate the credit sales and credit purchases for the year ended 31" Dec 2021 using the control accounts. (8 marks) Pauline is a sole trader who does not maintain full accounting records. The following details relate to her transactions with credit customer and suppliers for the year ended 31st Dec 2021. RM Cash received from customers 58,500 Cash paid to suppliers 35,500 Discount allowed 200 Discount received 375 Bad debts 305 Amount due from a customer offset against amount due to him 350 Trade receivables as at 1st Jan 2021 17,500 Trade receivables as at 31st Dec 2021 20,500 Trade payables as at 1st Jan 2021 7,500 Trade payables as at 31 Dec 2021 8,000 Required: Calculate the credit sales and credit purchases for the year ended 31" Dec 2021 using the control accounts. (8 marks)
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Related Book For
Accounting Business Reporting for Decision Making
ISBN: 9780730302414
4th edition
Authors: Jacqueline Birt, Keryn Chalmers, Albie Brooks, Suzanne Byrne, Judy Oliver
Posted Date:
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