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 | 74,070 |
| Cash received from credit customers and paid into the bank | 137,010 |
| Expenses paid out of cash received from credit customers before banking | 670 |
| Irrecoverable debts written off | 2,280 |
| Refunds to credit customers | 936 |
| Discounts allowed to credit customers | 6,240 |
| Cash Sales | 26,950 |
| Closing accounts receivable | 80,736 |
What should appear in Beta's trading account for sales?
SUGGESTED SOLUTIONS
| DEBIT | CREDIT | |
| $ | $ | |
| Opening Accounts Receivable | 74,070 | |
| Cash received from credit customers and paid into the bank | 137,010 | |
| Expenses paid out of cash received from credit customers before banking | 670 | |
| Irrecoverable debts written off | 2,280 | |
| Refunds to credit customers | 936 | |
| Discounts allowed to credit customers | 6,240 | |
| Credit sales | Answer | |
| Closing accounts receivable | 80,736 |
Solve the equation
Credit Sale = $151,930
Total sale = Credit sale + Cash sale
= 151,930 + 26,950
= $ 178,880