ACCA F3 Incomplete
The following information is relevant to the calculation of the sales figure for Beta, a sole trader who does not keep proper accounting records.
$ | |
Opening Accounts Receivable | 86,415 |
Cash received from credit customers and paid into the bank | 411,030 |
Expenses paid out of cash received from credit customers before banking | 4,690 |
Irrecoverable debts written off | 1,824 |
Refunds to credit customers | 468 |
Discounts allowed to credit customers | 14,040 |
Cash Sales | 26,950 |
Closing accounts receivable | 121,104 |
What should appear in Beta's trading account for sales?
SUGGESTED SOLUTIONS
DEBIT | CREDIT | |
$ | $ | |
Opening Accounts Receivable | 86,415 | |
Cash received from credit customers and paid into the bank | 411,030 | |
Expenses paid out of cash received from credit customers before banking | 4,690 | |
Irrecoverable debts written off | 1,824 | |
Refunds to credit customers | 468 | |
Discounts allowed to credit customers | 14,040 | |
Credit sales | Answer | |
Closing accounts receivable | 121,104 |
Solve the equation
Credit Sale = $465,805
Total sale = Credit sale + Cash sale
= 465,805 + 26,950
= $ 492,755