You work for a firm of accountants as a junior accounts assistant and part of your role is to prepare clients' ledgers accounts from incomplete records.
A client of the firm you work for is Mr Payne, a sole trader, trading as home wares, selling domestic household goods.
You have the following information for the year ended 31 March 2012:
|
Day book summaries:
|
Goods
£
|
VAT
£
|
Total
£
|
|
Balances as at:
|
31 March 2011
£
|
31 March 2012
£
|
|
Sales returns
Sales
Purchases returns
|
3,000
156,375
1,500
|
600
31,275
300
|
3,600
187,650
1,800
|
|
Trade receivables
Trade payables
VAT balance (Cr)
|
18,000
10,700
4,335
|
18,725
12,000
To find
|
|
Purchases
|
104,950
|
20,990
|
125,940
|
|
|
|
|
|
Note: All sales and purchases are on credit terms
|
|
|
|
|
|
|
|
Further information:
|
Net
£
|
VAT
£
|
Total
£
|
|
|
|
Office expenses
|
4,500
|
900
|
5,400
|
|
|
|
Note: Office expenses are not included in the purchases day book amount
|
|
|
|
Bank summary
|
Dr £
|
|
Cr £
|
|
Balance b/d
|
8,120
|
Motor and travel expenses
|
2,350
|
|
Trade receivables
|
180,600
|
Office expenses
|
6,432
|
|
|
|
VAT paid to HMRC
|
7,526
|
|
|
|
Drawings
|
24,110
|
|
|
|
Wages expenses
|
12,888
|
|
|
|
Trade payables
Balance c/d
|
121,224
14,190
|
|
|
188,720
|
|
188,720
|
(a) Using the figures given from the information above, prepare the purchases ledger control (trade payables) account for the year ended 31 March 2012. Show clearly cash discounts as the balancing figure.
(b)Using the figures given in the information above, prepare the sales ledger control (trade receivables) account for the year ended 31 March 2012. Show clearly cash discounts as the balancing figure.
(c) Using the figures given in the information above, prepare the VAT control account for the year ended 31 March 2012. The balance c/d must be the missing figure.