Reference no: EM132748903
Question: Poodles Pet Shop received an account statement dated 28 May 2019 from Ray-Bees Vets. According to an agreement with Ray-Bees Vets, Poodles Pet Shop receives 20% trade discount on all invoices and an additional 5% cash discount of payment is made within 30 days of the account date. Statement shows debit balance of £27,888 whereas the statement with Ray-Bees Vets' account in creditors ledger, which showed a credit balance of £10,712, and found the following differences:
Invoice No. 189 wa correctly recorded in the creditors ledger as £11,200. Statement received reflects the invoice amount as $ 14,000. The trade discount was not taken into account.
Credit note 73 for £320 was correctly entered into the creditors ledger, but is shown as an invoice on statement received.
Ray-Bees Vets account in the creditors ledger was added up incorrectly - it is undercast by £7,200.
Invoice 194 for £6,280 has not yet been recorded in the creditors journal because the goods are in transit.
Invoice 208 included eight items that were on special and invoiced for the gross price of £160 per item. The trade discount was not taken into account on these items. Required:
Calculate the correct amount due to Ray - Bees Vets as on 31 May 2019. Use the Format Given Below for the reconciliation
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: Poodles Pet Shop received an account statement dated 28 May 2019 from Ray-Bees Vets. According to an agreement with Ray-Bees Vets, Poodles Pet Shop receives.
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