Question
The following is FP Ltd's information the financial year ending 31 December 2018: Purchases-cash $2 888.00 -credit 99 320.00 Sales-cash 68 978.00 -credit 53 637.40
The following is FP Ltd's information the financial year ending 31 December 2018:
Purchases-cash
$2 888.00
-credit
99 320.00
Sales-cash
68 978.00
-credit
53 637.40
Total receipts from customers
120 114.00
Total receipts from suppliers
100 794.00
Discounts allowed
1 104.00
Discounts received
702.00
Refunds customers
1 014.00
Sales set off against purchases
14.00
Bad debts written off
156.00
Increase in allowance for doubtful debts
18.00
Returns inwards
828.00
Returns outwards
296.00
Balances b/d :Accounts payable$8 690
Accounts receivable$5 311
You are required to prepare:
TotalAccounts receivable account( 8 marks)
TotalAccounts payable account( 7 marks)
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Corporate Financial Accounting
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
14th edition
130565353X, 978-1305887510, 1305887514, 978-1305653535
