You are required to: 3. Grace Convenience Store is a sole trader business that does not keep full accounting records. All purchases and most of the sales are on credit. (a) Calculate Grace's debtors and creditors as at 30th June 2017. $ Balances on 1st July 2016: Debtors 9 000 7 200 Creditors Show your working (i) Calculation of debtors [5] (ii) Calculation of creditors [5] During the year ended 30th June 2017, Grace recorded the following information: Receipts from debtors Payments to creditors Discounts Allowed Discounts Received Credit Sales Credit Purchases $ 80 000 69 000 3 000 1 200 98 000 75 000 (b) Grace provided the following further information: car sales for the year (8,500), stock at 1st July 2016 (12000), stock at 30th June 2017 (15000) Using relevant information given in (a) and above, prepare Grace's Trading Account [7] (c) (i) Calculate, to 2 decimal places, Grace 's Rate of Stock Turnover for the year ended 30th June 2017. Show your workings. [2] (ii) Suggest one way in which Grace could use her Rate of Stock Turnover ratio. [1]