Response to the following problem:
In the books of Dundee & Co. is an account for J. Blythe in both the Bought and Sales Ledgers. On 28th February, 1962, the Bought Ledger Account showed a credit balance of £260 and the Sales Ledger Account was closed. During the month of March, 1962, the following transactions took place:
March
4 Sold goods on credit to Blythe for £285.
10 Purchased goods on credit from Blythe for £75. 12 Paid Blythe the balance due to him on the 1st day of the month less 2i % cash discount, by cheque. 17 Blythe returned goods and Dundee & Co. issued a credit note for £15.
20 Sold goods on credit to Blythe for £290.
24 Purchased goods on credit from Blythe for £120, less a trade discount of 10%.
26 One-half of the goods purchased on the 24th were returned to Blythe and an allowance of the cost of such goods was made by Blythe. Complete the accounts of J.
Blythe in the books of Dundee & Co. showing on ONE account the net balance outstanding at the end of the month.