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2016
2017
July
August
September
October
November
December
January
February
Sales
12300
10600
15600
17500
13500
11500
10800
13400
Purchases
7000
5600
9800
4600
5400
6000
4700
5600
General Expenses
1200
2300
1300
1400
980
1100
1400
1600
Wages
2600
2650
2700
2500
2400
2800
2550
2850
Rent
1500
1450
1550
1600
1560
1570
1580
1600
1)
10% of sales are on a cash basis, the remainder is received a month after.
2)
30% of purchases are paid 2 months after the goods are received, the remainder is paid 3 months after.
3)
General expenses are paid in the month incurred.
4)
Wages are paid one month in arrears.
5)
Rent is paid 2 months in advance.
6)
The company will pay its electricity bill for the first quarter of 2017 in December 2016; £850
7)
The company will buy new machinery costing £24,000. One third will be paid in November, the rest in December.
8)
The company will sell unwanted equipment in December. The resale value is estimated to be £8500.
9)
The opening balance on 1st October is £3500.
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