B. Player buys and sells soft furnishings and office equipment. During August 20X9 she had the following
Question:
B. Player buys and sells soft furnishings and office equipment. During August 20X9 she had the following credit transactions:
1 Aug Bought goods on credit from Desks Ltd which had a retail price of £1,000 and trade discount of 25 percent
3 Aug Purchased goods with a retail price of £500 from Chairs Ltd who allowed 30 percent trade discount
6 Aug Sold goods on credit to British Cars Ltd for £700 less 10 percent trade discount
10 Aug Received a credit note from Desks Ltd in respect of goods returned that had a retail price of £300 and trade discount of 25 percent
13 Aug Sold goods to London Beds Ltd on credit. These had a retail value of £800 and trade discount of 15 percent
16 Aug Sent British Cars Ltd a credit note in respect of goods returned that were invoiced at a retail price of £300 less 10 per cent trade discount
18 Aug Purchased goods on credit from Cabinets Ltd that had a retail value of £900 and trade discount of 20 percent
21 Aug Received a credit note from Chairs Ltd for goods returned that had a retail price of £200 and 30 percent trade discount
23 Aug Sold goods on credit to English Carpets Ltd for £1,300 less 10 percent trade discount
25 Aug Sent London Beds Ltd a credit note relating to an overcharge of £100 in the retail value of those goods delivered on 13 August that carried trade discount of 15 percent
Required
You are required to make the necessary entries in the books of prime entry and the general ledger.
Step by Step Answer:
Introduction To Financial Accounting
ISBN: 9781526803009
9th Edition
Authors: Anne Marie Ward, Andrew Thomas