Trade payables: 31.Jan.2002: 130400 31.Jan.2003: 171250 Payments to supplier: 888,400 Cost of goods taken from inventory by senji(the owner) for her personal use: 1000 Discount received:11200 Refunds received from suppliers:2400
What should be the figure for senji’s financial statements for the year ended 31.jan.2003?
My entries in the payables account: Dr. (Cash) 888400 Dr.(purchases) 2400 Dr. (Discount) 11200 Cr: (Purchases) 942850 C/F: 171250 B/F: 130400
In the purchase account: Dr (payables) : 942850 Cr (Drawings): 1000 Cr:(Payables): 2400 SOPL: 939450
In the Discount received: Cr(Payables): 11,200
Net purchases: 939450-11200=928250
However the answer is:937050. Can you explain, how this answer comes?