ACCA F3 Incomplete 1
B is a sole trader who does not keep full accounting records. The following details relate to his transactions with credit customers and suppliers for the year ended 31 December 2014.
| $ | |
| Trade receivables Opening | 370,350 |
| Trade payables Opening | 119,070 |
| Cash received from customers | 1,252,720 |
| Cash paid to suppliers | 157,900 |
| Discount received | 6,240 |
| Discount allowed | 7,040 |
| Irrcoverable debts | 15,000 |
| Conta bewteen payables and receivables | 3,120 |
| Trade receivables Closing | 550,530 |
| Trade payables Closing | 99,050 |
What is the sale and purchase for the year?
SUGGESTED SOLUTIONS
SALE
| Debit | Credit | |
| $ | $ | |
| Trade receivables Opening | 370,350 | |
| Cash received from customers | 1,252,720 | |
| Discount allowed | 7,040 | |
| Irrcoverable debts | 15,000 | |
| Contra bewteen payables and receivables | 3,120 | |
| Sale for the whole year | Sale | |
| Trade receivables Closing | 550,530 |
Solve the equation
Sale = $ 1,458,060.
PURCHASE
| Debit | Credit | |
| $ | $ | |
| Trade payables Opening | 119,070 | |
| Cash paid to suppliers | 157,900 | |
| Discount received | 6,240 | |
| Contra bewteen payables and receivables | 3,120 | |
| Purchase for the whole year | Purchase | |
| Trade payables Closing | 99,050 |
Solve the equation
Purchase =$ 147,240.