Leisuretime Products are Yorkshires leading outdoor pursuits specialists. The business is divided into two main departments: Sports
Question:
Leisuretime Products are Yorkshire’s leading outdoor pursuits specialists. The business is divided into two main departments: Sports Goods and Camping Equipment.
Sales on credit during the month of October were:
Sales 3 Oct Aire Valley Campers 4 Premier ridge tents at £69.75 each 12 Antler camping stoves at £24.95 each All /ess trade discount 15 per cent 12 Oct Arena Centre 6 Glider golf trolleys at £39.95 each, less trade discount 20 per cent 10 Polywarm sleeping bags at £12.50 each 8 Wanderer camping stoves at £19.25 each All less trade discount 15 per cent 18 Oct Lakeside Golf Club 3 Masters golf trolleys at £25 each 6 boxes of Elite golf balls at £5.50 a box All less trade discount 20 per cent Sales returns 24 Oct Arena Centre 1 Polywarm sleeping bag invoiced on 12 October was returned because it was faulty; a credit note was issued Note: VAT at a rate of 10 per cent is to be included on all transactions.
You are required to:
(a) Show your calculations for each transaction.
(b) Rule up a sales day book and sales returns day book for the month of October; enter the date, name of customer and amounts of money into the appropriate columns.
(c) Post to the personal and nominal accounts in the ledger.
Step by Step Answer: