question is posted in order, i need help with trade receivables control account ?
pre he does not Reuples de system Bank Sumay 5 Baleny 2018 Re: Cash Trade Run 11 10 100 10,000 SO so I Castemes de chat Le Beleen Decorat 2018 SO Cash Summary 5 S 200 Raaurities TH De Electricity Cake Deer! 10 5. 119 5 200 The following referred to 2018 Ball Geodetsby Pty Kigos Crodited by Maty Knight Discussiewed by admin Discount wed to trade como Gudanden Further checks revealed the following during 2018 . During the ancielych 10.200 med by Linda Graywowa the these Linda Grace dist the good to welcome proceduring the financial y Sanepider $7.000 from the daily chalen. This was not yetected in the business recome Pay Kers credit pered of 30 days. The desire balanceadbo.com. The good Favela in November 2017. Favelee to the dates of America to) wedactie in chary 2018Ora December , 2018 Full PyKipcash flot of 510.000 for change in stiletech is died in the bank will take the bank The wing fee for proprie fiets is critud The flowing die hele 1 January 31 The 2015 2015 he 100 . Repada med Red Trade teciales 15.1 Les 10 17 17 tan The following are summaries of the cash book and bank accounts of Patsy Knight, a sole proprietor, who does not keep her books using the double entry system. Bank Summary S $ Balance on 1 January 2018 60.000 Receipts: Receivables 350.000 Cash bank 22.200 372,200 432,200 Payments: Trade payables 310,000 Rent 10.100 Machinery 30,400 Wages 90,200 Insurance 8,050 Customers dishonoured cheque 800 Loan interest 950 (450.500) Balance on December 2018 (18.300) $ Cash Summary Balance on 1 January 2018 Receipts: Cash sales Receivables S 10.000 90,700 10.100 100,800 110.800 Payments: Drawings Repairs Electricity Cash banked Balance on December 2018 60.600 10,400 5.070 22 200 (98,270) 12.510 S The following referred to 2018 Bad debts written off Goods withdrawn by Patsy Knight for own use Credit note issued by Patsy Knight Discounts allowed by trade suppliers Discounts allowed to trade customers Goods returned to trade suppliers 2,040 10,200 6,040 4,040 8.000 6.900 2 Further checks revealed the following during 2018: During the financial year a trade debt of $10.200 owed by Linda Grayson was offset against the $20,000 owing to the same Linda Grayson a trade creditor In addition to the goods returned above, Jane Hutton, a cash sales customer returned goods during the financial year amounting to $7,000. Jane Hution was repaid her 57,000 from the daily cash sales. This was not yet reflected in the business reconds Patsy Knight grants a credit period of 30 days to customers. The closing trade receivables balance includes a debt of 58.000 from Favela Brown. The goods were sold to Favela in November 2017. Favela went to the United States of America for a TWO (2) weeks" vacation in February 2018. On December 31, 2018 Favela was still in the USA Patsy Knight keeps a cash float of S10,000 for change in his retail outlet. Excess cash is deposited in the bank account and cash shortfall is taken from the bank. The accounting fee for preparing the 2018 financial statements is estimated at $45,000 The following additional information is also available: 1 January 31 December 2018 2018 $ Inventories 8.300 9.400 Machinery 19.800 40,400 Rent paid in advanced 1.000 Rent outstanding 1.050 Trade receivables 18.100 19,200 Trade payables 15.700 14.00 Loan from bank at 10% 17.000 17.000 Loun interest owing 750 Required: a) Prepare a statement of affair to show Patsy Knight's capital on 1 January 2018 b) Prepare the Trade receivables Control Account c) Prepare the Trade payables Control Account d) Extract a trial balance as at December 31, 2018 c) Prepare the income Statement for the year ended 31 December, 2018 1) Statement of changes in owner's cquity for the year ended 31 December, 2018 B) Prepare a COMPARATIVE Statement of Financial Position as at 31 December, 2018 b) Prepare a statement of Cash Flow for the year ended 31 December, 2018
