Paper 2 · November 2017 · Incomplete Records

A trader banked $379 360 received from trade receivables during the year ended 31 December 2014 and used a further $96 300 of receipts for cash payments without banking it. Trade receivables were $90 310 at 1 January 2014 and $86 240 at 31 December 2014. Calculate the sales for the year.

Model answer

471590

Also accepted: $471 590, 471 590

Explanation

Total received from customers is $379 360 + $96 300 = $475 660. Sales = receipts + closing receivables $86 240 - opening receivables $90 310 = $471 590.

Derived from ZIMSEC Accounting 9197/2 Paper 2, November 2017, Q1

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A trader banked $379 360 received from trade receivables during the year ended 31 December 2014 and used a further $96 300 of receipts for cash payments without banking it. Trade receivables were $90 310 at 1 January 2014 and $86 240 at 31 December 2014. Calculate the sales for the year.

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