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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!
You prepare a t-account for payables, and the missing figure is purchases.
Please watch my free lectures on control accounts, because I work through a very similar example and explain what is happening.
The lectures are a complete free course for Paper F3 and cover everything needed to be able to pass the exam well.
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