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You work for a firm of accountants as a junior accounts assistant and part of your role is to prepare clients' ledgers accounts from incomplete records.
A client of the firm you work for is Mr Payne, a sole trader, trading as home wares, selling domestic household goods.
You have the following information for the year ended 31 March 2012:
Day book summaries:
Goods £
VAT £
Total £
Balances as at:
31 March 2011
£
31 March 2012
Sales returns
Sales
Purchases returns
3,000
156,375
1,500
600
31,275
300
3,600
187,650
1,800
Trade receivables
Trade payables
VAT balance (Cr)
18,000
10,700
4,335
18,725
12,000
To find
Purchases
104,950
20,990
125,940
Note: All sales and purchases are on credit terms
Further information:
Net £
Office expenses
4,500
900
5,400
Note: Office expenses are not included in the purchases day book amount
Bank summary
Dr £
Cr £
Balance b/d
8,120
Motor and travel expenses
2,350
180,600
6,432
VAT paid to HMRC
7,526
Drawings
24,110
Wages expenses
12,888
Balance c/d
121,224
14,190
188,720
(a) Using the figures given from the information above, prepare the purchases ledger control (trade payables) account for the year ended 31 March 2012. Show clearly cash discounts as the balancing figure.
(b)Using the figures given in the information above, prepare the sales ledger control (trade receivables) account for the year ended 31 March 2012. Show clearly cash discounts as the balancing figure.
(c) Using the figures given in the information above, prepare the VAT control account for the year ended 31 March 2012. The balance c/d must be the missing figure.
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