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Prepare smith account as it would appear in turner ledger

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Reference no: EM131537477

Question: Turner is in business as a manufacturer and the following are his transactions with Smith for the month of January, 1962:

Jan. 1 Balance due to Smith £430.

10 Bought from Smith 20 tons xyncalia at £45 per ton, less 15% trade discount.

15 Paid amount due to Smith on 1st January less 5 % cash discount.

16 Returned to Smith 3 tons of xyncalia as supplied on 10th for credit in full.

17 Bought from Smith 5 tons coranium at £22/10/- per ton.

Re-printed by courtesy of the Royal Society of Arts (R.S.A)

22 Sold to Smith 4 old Pressing machines as scrap, for £220 the lot.

28 Paid cheque to Railway £5 for carriage on goods returned on the 16th January, chargeable to Smith. 31 Bought from Smith a supply of chemical waste for £50.

You are asked to prepare from the above information Smith's account as it would appear in Turner's ledger, balancing it and bringing down the balance on the 31st January.

Reference no: EM131537477

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