FINANCIAL ACCOUNTING(F3) FULL EXAM – QUESTION 4

Hi!

I was just taking the online exam before taking part in CBE August sessions..

Question 4 : (Full Exam)

Annie is a sole trader who does not keep full accounting records. The following details relate to her transactions with credit customers and suppliers for the year ended 30 June 20X6.

$

Trade receivables, 1 July 20X5 130,000

Trade payables, 1 July 20X5 60,000

Cash received from customers 686,400

Cash paid to suppliers 302,800

Discounts allowed 1,400

Discounts received 2,960

Contra between payables and receivables ledger 2,000

Trade receivables, 30 June 20X6 181,000

Trade payables, 30 June 20X6 84,000

What figure should appear in Annie’s statement of profit or loss for the year ended 30 June 20X6 for purchases? ANSWER IS : 331,760 $

My workings for calculation of Purchases is: 1) Prepare a T account ? & missing figure is Purchases.

I badly need help for calculation of purchases … Please

thanks!