The financial year of The Better Trading Company ended on 31 December 2014. You have been...

Transcribed Image Text:

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 end-of-year figures for Accounts Receivable and Accounts Payable for the draft final accounts. You are able to obtain the following information for the financial year from the books of original entry: Sales credit $????? Purchases -$ credit ????? Total receipts from customers $600,570 Total payments to suppliers $503,970 Discounts allowed (all to credit customers) $5.520 Discounts received (all from credit suppliers) $3,510 Balance in the sales ledger set off against balance in the purchases ledger $70 Bad debts written off $780 Credit notes issued to credit customers $4.140 Credit notes received from credit suppliers $1.480 According to the audited financial statements for the previous year accounts receivable and accounts payable as at 31 December 2013 were $26,555 and $43,450 respectively. Required: Prepare the Sales Ledger Control Account Ctrl) Prepare the Purchase Ledger Control Account ii. 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 end-of-year figures for Accounts Receivable and Accounts Payable for the draft final accounts. You are able to obtain the following information for the financial year from the books of original entry: Sales credit $????? Purchases -$ credit ????? Total receipts from customers $600,570 Total payments to suppliers $503,970 Discounts allowed (all to credit customers) $5.520 Discounts received (all from credit suppliers) $3,510 Balance in the sales ledger set off against balance in the purchases ledger $70 Bad debts written off $780 Credit notes issued to credit customers $4.140 Credit notes received from credit suppliers $1.480 According to the audited financial statements for the previous year accounts receivable and accounts payable as at 31 December 2013 were $26,555 and $43,450 respectively. Required: Prepare the Sales Ledger Control Account Ctrl) Prepare the Purchase Ledger Control Account ii.

Answer rating: 100% (QA)

NOTEFigures are not clearly legible Care has been taken to recognise the figure correctly ... View the full answer