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 | 119,070 |
| Cash received from customers | 1,073,760 |
| Cash paid to suppliers | 236,850 |
| Discount received | 3,120 |
| Discount allowed | 1,760 |
| Irrcoverable debts | 2,500 |
| Conta bewteen payables and receivables | 4,680 |
| Trade receivables Closing | 61,170 |
| Trade payables Closing | 84,900 |
What is the sale and purchase for the year?
SUGGESTED SOLUTIONS
SALE
| Debit | Credit | |
| $ | $ | |
| Trade receivables Opening | 123,450 | |
| Cash received from customers | 1,073,760 | |
| Discount allowed | 1,760 | |
| Irrcoverable debts | 2,500 | |
| Contra bewteen payables and receivables | 4,680 | |
| Sale for the whole year | Sale | |
| Trade receivables Closing | 61,170 |
Solve the equation
Sale = $ 1,020,420.
PURCHASE
| Debit | Credit | |
| $ | $ | |
| Trade payables Opening | 119,070 | |
| Cash paid to suppliers | 236,850 | |
| Discount received | 3,120 | |
| Contra bewteen payables and receivables | 4,680 | |
| Purchase for the whole year | Purchase | |
| Trade payables Closing | 84,900 |
Solve the equation
Purchase =$ 210,480.