The following information was extracted from the books of Markland Pharmaceutical Distribution limited located at 1. 5 Bell Road Kingston 5 for the period ending December 31, 2022

Assets		Liabilities
Debtors: White Pharmacy	$37,500	Creditor: Lyns Distributors Ltd	$64,000
Gayle s Supplies Ltd	$27,000	French Pharmaceutical ltd	$78,000
Ford Pharmacy	$46,000	Banff Loan NCB (24 months)	$ 270,000
Cash At Bank	$300,000
Furniture	$380,000
Cash ln hand	$110,000

During The month of January 2023, the following transactions took place.

January 3 Purchase the following on credit from: Lyn Distributors Ltd. 26 west Avenue

Kingston 20 less 10% Trade discount on all items: 50 Cases of Panadol cough syrup @ $30,000, 4S bottlesof Vitamin C @ $3,500,20 cases of Benjamin Rubin alcohol

@ $24,300 and 30, boxes of Calcium Citrate @ $38,700. No GCT discharge on these items.

January 5 Sold the on credit to White Pharmacy: 15 Cases of Panadol cough syrup @

$33,000, 48 bottles of Vitamin C @$4,700, and 12 boxes of Calcium Citrate@ $43,500 Less 10% Trade discount.Terms: 6/15/ n40 No GCT is charge on items sold.

January 6 sold goods and received Cheque for $ 3,800,000 and purchase goods paying By Cheque$1,540,000

January 8 Returned goods to Lyn Distribution Ltd: 7 bottles of Vitamin C, and 3 boxes of Calcium Citrate.

January 10 Received Cheque fi on White Pharmacy in the amount of $ 980,000 for Payment on account.

January 12 paid the following expenses: Rent $80,000 by cash and salaries $530,000 by Cheque

January 16 The following goods returned to us by White Pharmacy:3 Cases of Panadol cough syrup, 6 bottles of Vitamin C and 2 boxes of Calcium Citrate

January 27 Received rent from a tenant in cash $46,000

January 28 Purchase Motor Vehicle on credit front Toyota JamaicaLtd valued

$ 3,500, 000 for the distribution department.

January 29 Purchase the following from French Pharmacy, 15 ox ford Road Spanish Town. 30 boxes eye drops @ $46,500, I8 case of Folic Acid @ $ 70,400 and 20 boxes of New Start baby Formulas @ 70,800

January 30 Paid the following supplierson their accountby Cheque: Lyns Distributors Ltd $ 1,640,000 and French Pharmaceutical Ltd $2,300,000

Required

A. A. Post opening entries the business General Journal and ascertain the opening capital for the business.

(5 Marks)

B. Post the entries to the relevant purchases and sales Journal for the period then transfer the entries to the appropriate ledger accounts.

(15 Marks)

C. Update the business General Ledger with the relevant Entries

(15 Marls)

D. Prepare the Accounts Receivables and Payables Schedule as at the end of the accounting period.

(5 Marks)

E. Prepare the relevant source Documents for transaction done on January 5, 6 and 8 (15 marks)

F. The balance due Gayles Supplies Ltd located at 10 Mark Avenue, May Pen Clarendon account, represent a credit sales transaction on November 10, 2022, with a credit period of 30 days. No payment has been received from this customer as at the end of this accounting period. Prepare a letter requesting payment from this customer for the outstanding balance due. (10 Marls)

PLEASE TO SHOW DETAIL WORKINGS AND USE TABLES TO SHOW APPROPRIATE JOURNALS AND LEDGERS along with the appropriate heading of each!!!

Also, Please note Less 10% trade discount is not included in cost