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 | 123,450 |
| Trade payables Opening | 39,690 |
| Cash received from customers | 1,610,640 |
| Cash paid to suppliers | 315,800 |
| Discount received | 12,480 |
| Discount allowed | 15,840 |
| Irrcoverable debts | 12,500 |
| Conta bewteen payables and receivables | 2,340 |
| Trade receivables Closing | 122,340 |
| Trade payables Closing | 113,200 |
What is the sale and purchase for the year?
SUGGESTED SOLUTIONS
SALE
| Debit | Credit | |
| $ | $ | |
| Trade receivables Opening | 123,450 | |
| Cash received from customers | 1,610,640 | |
| Discount allowed | 15,840 | |
| Irrcoverable debts | 12,500 | |
| Contra bewteen payables and receivables | 2,340 | |
| Sale for the whole year | Sale | |
| Trade receivables Closing | 122,340 |
Solve the equation
Sale = $ 1,640,210.
PURCHASE
| Debit | Credit | |
| $ | $ | |
| Trade payables Opening | 39,690 | |
| Cash paid to suppliers | 315,800 | |
| Discount received | 12,480 | |
| Contra bewteen payables and receivables | 2,340 | |
| Purchase for the whole year | Purchase | |
| Trade payables Closing | 113,200 |
Solve the equation
Purchase =$ 404,130.