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 | 24,690 |
| Cash received from credit customers and paid into the bank | 319,690 |
| Expenses paid out of cash received from credit customers before banking | 3,350 |
| Irrecoverable debts written off | 456 |
| Refunds to credit customers | 1,872 |
| Discounts allowed to credit customers | 4,680 |
| Cash Sales | 7,700 |
| Closing accounts receivable | 94,192 |
What should appear in Beta's trading account for sales?
SUGGESTED SOLUTIONS
| DEBIT | CREDIT | |
| $ | $ | |
| Opening Accounts Receivable | 24,690 | |
| Cash received from credit customers and paid into the bank | 319,690 | |
| Expenses paid out of cash received from credit customers before banking | 3,350 | |
| Irrecoverable debts written off | 456 | |
| Refunds to credit customers | 1,872 | |
| Discounts allowed to credit customers | 4,680 | |
| Credit sales | Answer | |
| Closing accounts receivable | 94,192 |
Solve the equation
Credit Sale = $395,806
Total sale = Credit sale + Cash sale
= 395,806 + 7,700
= $ 403,506