M/s Bran Enterprise Ltd. invoices goods to their various branches at cost, and the branches sell on credit as well as for cash. From the following details relating to prepare necessary accounts in the books of head office : Sydney Branch, $ Stock on 1st January, 2014 Stock on 31st December, 2014 Debtors on lst January, 2014 15,000 Allowances to customers 14,000 Returns from customers 300 600 25,000 Bad Debts written off 35,000 Discount allowed to customers 500 Debtors on 31st December, 2014 2,000 Cash at branch on 1st Jan. 2014 500 Remittance from branch 70,000 Cash sent to branch 1,500 Rent & Taxes 1,500 50,000 Salaries 500 General Trade Charges 32,000 Normal Loss of goods due to wastage 58,000 Abnormal Loss of goods due to pilferage Goods sent to branch 5,000 1,500 Goods returned by branch 1,000 Cash sales 2,000 Credit sales

Bank reconcilation

You are the accounts assistant in a small company called Autonomy Ltd. The company had the following transactions during June 2021: | Credit sales Receipts from trade receivables Discounts allowed |Sales returns Bad debts written off Contras between sales and purchase ledgers Balance of trade receivables at 1 June 2021 26,595 23,250 650 1,525 1,650 1,000 6,950 Required: a) Construct the sales ledger control account of Autonomy Ltd from the above details. Show clearly the balance carried down at 30 June 2021. b) Explain the purpose of a sales ledger control account.

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The following relate to Minnie’s financial statements for the year ended 30 April 20X6. Some customers took advantage of the cash settlement discount when they were not expected to. Trade receivables control account balance at 1 May 20X5                  $101,477 Receipts from credit customers                                                             $93,457 Credit sales                                                                                            $57,133 Cash sales                                                                                             $14,086 Dishonoured cheques from credit customers                                         $570 Contra with the trade payables ledger                                                    $9,040 Cash settlement discounts taken by customers                                      $1,033 What should the balance on the trade receivables control account be at 30 April 20X6? A. $54,510 B. $56,576 C. $55,650 D. $73,730

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es Vail Company recorded the following transactions during November. Date General Journal Debit Credit November 5 Accounts Receivable-Ski Shop 5,775 Sales 5,775 November 10 Accounts Receivable-Welcome Incorporated Sales 1,706 1,706 November 13 Accounts Receivable-Zia Company Sales 1,000 1,000 November 21 Sales Returns and Allowances 258 November 30 Accounts Receivable-Zia Company Accounts Receivable-Ski Shop 258 3,557 Sales 3,557 1. Post these entries to both the general ledger accounts and the accounts receivable ledger subsidiary ledger accounts. 2. Prepare a schedule of accounts receivable. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Post these entries to both the general ledger accounts and the accounts receivable ledger subsidiary ledger accounts. General Ledger Accounts Receivable Accounts Receivable Subsidiary Ledger Ski Shop Ending Balance 0 0 Sales Ending Balance 0 0 Zia Company Ending Balance 0 0

On June 14, Year 1, Sure-Fit Shoe Store sold $13,000 of merchandise that cost $8,700 and accepted credit cards as payment. Sure-Fit electronically transmitted the credit card forms to the credit card company which charges a 4% fee to handle such transactions. On June 18, Year 1, Sure-Fit received the proceeds from the credit card company. Required: a. How will the entry to record the sale of the merchandise on June 14, Year 1, affect the company's financial statements? b. How will the entry to record the credit card proceeds on June 18, Year 1, affect the company's financial statements? Complete this question by entering your answers in the tabs below. Required A Required B How will the entry to record the sale of the merchandise on June 14, Year 1, affect the company's financial statements? Note: Enter any decreases to account balances and cash outflows with a minus sign. Leave cells blank if no input is needed. Assets Balance Sheet Liabilities Stockholders' Equity Revenue Income…

The following data were selected from the records of Fluwars Company for the year ended December 31, current year:   Balances at January 1, current year:     Accounts receivable (various customers) $ 116,000 Allowance for doubtful accounts   12,700     The company sold merchandise for cash and on open account with credit terms 1/10, n/30, without a right of return.   The following transactions occurred during the current year: Sold merchandise for cash, $258,000. Sold merchandise to Abbey Corp; invoice amount, $42,000. Sold merchandise to Brown Company; invoice amount, $53,600. Abbey paid the invoice in (b) within the discount period. Sold merchandise to Cavendish Inc.; invoice amount, $56,000. Collected $119,100 cash from customers for credit sales made during the year, all within the discount periods. Brown paid its account in full within the discount period. Sold merchandise to Decca Corporation; invoice amount, $48,400. Cavendish paid its account in full after the…