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You are working on the financial statements of a catering business for the year ended 31 May 2020. You have the following information: Day books
You are working on the financial statements of a catering business for the year ended 31 May 2020. You have the following information: Day books summaries: Sales day book BD289,200 Purchase day book 112,800 Balances as of: 31 May 2019 31 May 2020 Trade receivables BD26,000 ? Trade payables BD21,500 BD16800 Additional information : Collection of accounts receivables BD294,875 115,150 Payment of trade payables Cash sales 18,000 HMRC for sales tax 27,525 Required: Prepare the accounts receivables (sales ledger) control account to determine the ending balance of accounts receivables. (5 marks) Sales ledger control account If a trader bought a gas cooker for BD825, what would the selling price be if a 40% sales margin was applied? (2.5 marks)
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