(a) The opening balance on the payables control account of Consumables Ltd at 1 September 20X7 was £43,000 credit, made up of the following balances:Exo£28,000 CROvo£10,000 CRIva £5,000 CRThe following transactions occurred in the first week of September: £Credit purchases:Exo52, 000Ovo17,000lva 8, 00077,000Cash purchases:29,000Credit purchase returns:Exo 3,000Amounts paid to suppliers:Exo48, 000Ovo 19, 000lva 7, 00074, 000Cash discounts received:Exo 1,500Ovo 350lva 150 2,000Contra settlements: Ovo 800Requirement: Prepare the general ledger accounts, including the payables ledger control account. Then prepare the individual supplier accounts, ensuring that they reconcile to the control account.NB You may enter totals for each transaction type in the ledger accounts.

Q: OCF analysis

A: Operating Cashflow Analysis  = Net Income + Depreciation and Amortization- Net Working capital

Q: How is ARR calculated?

A: ARR: Accounting Rate of Return (ARR) is the rate of return earned on the investment made in a…

Q: Define terminal value

A: Terminal value is the value of the project or the security at the end of a specified future date.…

Q: Ifrs solution

A: According to the question given, we need to prepare the journal entries, and, the impairment…

Q: anuty What general internal control v

A: Given case is: All-Around Sound Co. discovered a fraud whereby one of its front office…

Q: What is the SML? What is the CAPM? What is the APT?

A: Security Market Line (SML):The Security Market Line (SML) is a graphical representation of the…

Q: Explain put–call parity relationship

A: Put-Call parity is the concept that defines the relationship between price of European call option…

Q: hat is APY

A: In interest there is compounding and other is simple interest. In the compouding there is interest…

Q: Formula for put call parity?

A: Put call parity Put-Call parity defines the value of same class European put and call options. Put…

Q: Use of CAATs?

A: Computer Assisted Audit Techniques or CAATs can be characterized as an auditing strategy that…

Q: How is RI calculated?

A:

Q: How to calculate r value

A: The interest rate: The rate that is used to compute the simple or compound interest is known as the…

Q: Define asymmetric hedge

A: A strategy that helps to reduce the loss which occurs from the movement of the asset's price is term…

Q: What is the LIFO conformity rule?

A: Last-in-First-Out (LIFO): In this method, items purchased recently are sold first. So, the value of…

Q: Define SML equation

A: Introduction: Security market line is the diagrammatic depiction of capital asset pricing model to…

Q: What is cpj

A: Financial accounting involves the work of recording and posting of financial transactions into the…

Q: Define risk

A: Risk can be defined as whenever there are chances that the investments’ actual outcomes are…

Q: at is busd What is xrp How they

A: What is busd ? The New York State Department of Financial Services (NYDFS) has authorised Binance…

Q: what about quesitons E and F?

A: Work in progress (WIP) also called work in process, is inventory that has begun the manufacturing…

Q: What is APR?

A: In US, calculation as well as disclosure of Annual Percentage Rate is basically government by an act…

Q: Define Profi t and loss (P&L) statement

A: Introduction: The financial statement is a detailed analysis of the financial situation of the…

Bad Debts

At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.  

Accounts Receivable

The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.