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Chapter 18
3.5 Workings required using the direct method
The workings referenced above would be solved as follows:
(W1)
Sales ledger control account
Dr $ Cr $
Balance b/f X Cash receipts (ß) X
Contra X
Sales revenue X Balance c/f X
––– –––
X X
(W2)
Purchase ledger control account
Dr $ Cr $
Cash receipts (ß) X Balance b/f X
Contra X
Balance c/f X Purchases X
––– –––
X X
(W3)
Wages control account
Dr $ Cr $
Net wages paid (ß) X Balance b/f X
Balance c/f X Statement of profit or loss X
––– –––
X X
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