The following information relates to the accounts of Golf Direct, a golfing supplies business owned by Paul Tay

1. The following information relates to the accounts of Golf Direct, a golfing suppliesbusiness owned by Paul Tay.Ledger balances as at 1 April Year 3Equipment £1,200Bank Overdraft £450Sales Revenue (Sales) £920Purchases £5202 April J Young purchased goods on credit costing £265·50 plus VAT.5 April J Young returned damaged goods worth £49·50 plus VAT.7 April Bought a new cash register on credit from Shop Supplies worth £405plus VAT.10 April J Young paid £275 on account by cheque.14 April Received a letter from the accountant of J Young informing that he hasbeen declared bankrupt and can only pay 25p in the £. This amountwas received by cheque with the letter and the remainder is to bewritten off.Note: VAT is to be applied at 20% where appropriate.(a) Using the information above, enter the transactions into the ledger accounts ofGolf Direct on Page 2–4 of your Workbook (J Young’s opening ledger balance hasalready been entered).Answer questions (b)-(d) on Page 5 of your Workbook.(b) Outline two roles of a Financial Accountant.(c) State a reason as to why businesses may give each other:(i) Trade Discount.(ii) Cash Discount.(d) Describe how Rent Received would be dealt with in the Income Statement(Trading, Profit & Loss Account).

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