Ronald commenced business on $1$st January $2023.$ He did not keep full accounting records.

A summary of his bank account for the year ended $31$st December $2023$ is provided.

Receipts $

Capital introduced $15000$

From credit customers $100400$

Loan taken out $4000$

$119400$

Payments

To credit suppliers $66700$

Rent $12000$

Cash $35600$

Purchase of fixtures and fittings $14000$

$128300$

Additional information:

$1.$ All purchases were made on a credit basis. There were no purchases returns during the year.

$2.$ The total value of purchases invoices received was $$79300.$ Of these, $$12100$ had not been paid by the year end.

$3.$ Tom knew that he had sometimes taken a cash discount but had kept no record of the amounts involved.

REQUIRED:

$($a$)$ Prepare a trade payables account for the year ended $31$st December $2023$ to show the total discount Tom had taken. $[7]$

Additional information:

$1.$ All sales were made on a credit basis. There were no sales returns during the year.

$2.$ The total value of sales invoices issued during the year was $$144200.$

$3.$ Finn had allowed one customer to pay $$100$ less than the invoice amount because he had paid promptly.

REQUIRED:

$($b$)$ Prepare a trade receivables account for the year ended $31$st December $2023$ to show the amount owed to Tom at the year end. $[7]$

Additional information:

$1.$ Robin paid wages of $$1200$ in cash each month. He also took cash drawings of $$500$ every month.

$2.$ Other operating expenses were all paid in cash.

$3.$ Cash in hand was $$100$ at the year end.

REQUIRED:

$($c$)$ Prepare the cash account for the year ended $31$st December $2023$ to show the amount paid for other operating expenses. $[6]$

Additional information:

$1.$ At the year$-$end inventory was valued at cost$,$ $$6200.$

$2.$ The fixtures and fittings have a useful life of $10$ years with no scrap value. They are to be depreciated using the straight$-$line method. The policy is to provide for a full year$$s depreciation in the year of purchase.

$3.$ At the year$-$end other operating expenses, $$1000,$ were accrued.

$4.$ The loan carried an interest rate of $10\%.$ The loan had been received on $1$ July $2023$ and no interest had been paid by the year end.

REQUIRED:

$($d$)$ Prepare the income statement for the year ended $31$st December $2023.[10]$

$[$Total: $30]$