Paper 1 October/November 2013 Accounting (9706/11) A Level

The owner of a business does not keep a full set of accounting records for his business.
The following information is available about assets and liabilities.
All purchases and sales are on credit.
During the current year:
1 The business received $\$ 168000$ from customers after allowing them a discount of $\$ 3400$.
2 The business paid $74000 to suppliers for inventory. No discounts were received.
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