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 | 105,840 |
| Cash received from customers | 357,920 |
| Cash paid to suppliers | 473,700 |
| Discount received | 12,480 |
| Discount allowed | 12,320 |
| Irrcoverable debts | 17,500 |
| Conta bewteen payables and receivables | 1,560 |
| Trade receivables Closing | 305,850 |
| 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 | 357,920 | |
| Discount allowed | 12,320 | |
| Irrcoverable debts | 17,500 | |
| Contra bewteen payables and receivables | 1,560 | |
| Sale for the whole year | Sale | |
| Trade receivables Closing | 305,850 |
Solve the equation
Sale = $ 324,800.
PURCHASE
| Debit | Credit | |
| $ | $ | |
| Trade payables Opening | 105,840 | |
| Cash paid to suppliers | 473,700 | |
| Discount received | 12,480 | |
| Contra bewteen payables and receivables | 1,560 | |
| Purchase for the whole year | Purchase | |
| Trade payables Closing | 99,050 |
Solve the equation
Purchase =$ 480,950.