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Group session question Your sister has been appointed as the accounting assistant of Group Effort Traders and is responsible to identify and classily transactions for
Group session question Your sister has been appointed as the accounting assistant of Group Effort Traders and is responsible to identify and classily transactions for capturing in the Sandal records. The entity applies the perpetual inventory system and maintains a gross proft percentage of 20% on sales SECTION B The following reports were generated from the financial records of Group Effort Traders for November 2018 Total cash receipts (TCR) Total cash received Sales Cost of sales Debtors control Interest income 152 500 122 000 53 000 5 400 Total cash payments (TCP) Total cash payments Inventory Stationery Creditos control Equipment 295 600 245 000 8200 9 100 Total credit sales (TCS) Sales Cost of sales Total returns from debtors (TRD) Debtors allowances Cost of sales Total credit purchases (TCRPY Total purchases Inventory Stationery 175 600 4000 Total returns to creditors (TRC) Total retums Inventory Stationery 21 400 3 500 "Report abbreviations REQUIRED a Calculate the missing amounts represented by the letters AF. b. Prepare the following general ledger accounts properly balanced or closed-off in the general ledger of Group Effort Traders for the month ended 30 November 2018
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