1
C Phillips, a sole trader specialising in material for Asian clothing, has the following purchases
and sales for March 2009:
Mar 1 Bought from Smith Stores: silk £40, cotton £80. All less 25 per cent trade discount.
8 Sold to A Grantley: lycra goods £28, woollen items £44. No trade discount.
15 Sold to A Henry: silk £36, lycra £144, cotton goods £120. All less 20 per cent trade discount.
23 Bought from C Kelly: cotton £88, lycra £52. All less 25 per cent trade discount.
24 Sold to D Sangster: lycra goods £42, cotton £48. Less 10 per cent trade discount.
31 Bought from J Hamilton: lycra goods £270. Less 331/3 per cent trade discount.
Required:
(a) Prepare the purchases and sales day books of C Phillips from the above.
(b) Post the items to the personal accounts.
(c) Post the totals of the day books to the sales and purchases accounts.