Shoemarts ledger reports that it owes 128,900 to Whites, a supplier; whereas the corresponding figure stated in
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Shoemart’s ledger reports that it owes £128,900 to Whites, a supplier; whereas the corresponding figure stated in Whites’ monthly statement is £154,700. The difference is found to have arisen from:
(a) A purchase invoice for £73,500 has been posted to Whites’ account as £37,500
(b) Whites have overlooked a 4% cash discount entitlement when a cheque for £33,600 was paid to them
(c) The difference arises from returns for which the credit note is yet to be received The amount of purchases returns is:
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Related Book For
Financial Accounting An Introduction
ISBN: 9780273737650
2nd Edition
Authors: Mr Barry Elliott, Mr Augustine Benedict
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