The following debtor control account and debtors list were prepared by the owner of Siyadula Traders....
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The following debtor control account and debtors list were prepared by the owner of Siyadula Traders. The owner is unsure if he has correctly prepared it. REQUIRED: Use the following information to prepare the correct account and list: 1.1 Debtors control account for January 2021 (8 Marks) 12 Debtors list at 31 January 2021. (5 Marks) General Ledger DEBTORS CONTROL ACCOUNT Jan 01 Balance b/d 54 300 Jan 31 Bank and discount CRJ5 36 200 Sales Returns SRJ 6 200 Sales SJ 62 110 Balance cld 37 810 98 310 98 310 Feb 01 Balance b/d 37 810 Debtors List as at 31 January 2021 Debit Credit B. Afleck 12 525 M. Damon 19 085 J. Peter 18 100 A. Paul 9 200 D. Carter 17 900 76 810 The following errors and omissions were discovered after the above was drawn up: 1) The opening balance is R800 less than it should be. 2) The debtors' column in the cash receipts journal was overcast by R2 000. 3) Goods returned by B. Afleck valued at R300 were not processed. 4) Credit sales of R4 800 made to J. Peter was incorrectly posted to the account of D. Carter. 5) A cheque for R2 400 received from A. Paul in payment of his account was incorrectly entered in the cash receipts joumal as R4 200. 6) No entry has been made for a cheque for R2 340 that was retuned by the bank marked "R/D - insufficient funds". The cheque was previously received from debtor C. Walken in settlement of a debt of R 2 600. The account must also be written off as C. Walken cannot be traced. The following debtor control account and debtors list were prepared by the owner of Siyadula Traders. The owner is unsure if he has correctly prepared it. REQUIRED: Use the following information to prepare the correct account and list: 1.1 Debtors control account for January 2021 (8 Marks) 12 Debtors list at 31 January 2021. (5 Marks) General Ledger DEBTORS CONTROL ACCOUNT Jan 01 Balance b/d 54 300 Jan 31 Bank and discount CRJ5 36 200 Sales Returns SRJ 6 200 Sales SJ 62 110 Balance cld 37 810 98 310 98 310 Feb 01 Balance b/d 37 810 Debtors List as at 31 January 2021 Debit Credit B. Afleck 12 525 M. Damon 19 085 J. Peter 18 100 A. Paul 9 200 D. Carter 17 900 76 810 The following errors and omissions were discovered after the above was drawn up: 1) The opening balance is R800 less than it should be. 2) The debtors' column in the cash receipts journal was overcast by R2 000. 3) Goods returned by B. Afleck valued at R300 were not processed. 4) Credit sales of R4 800 made to J. Peter was incorrectly posted to the account of D. Carter. 5) A cheque for R2 400 received from A. Paul in payment of his account was incorrectly entered in the cash receipts joumal as R4 200. 6) No entry has been made for a cheque for R2 340 that was retuned by the bank marked "R/D - insufficient funds". The cheque was previously received from debtor C. Walken in settlement of a debt of R 2 600. The account must also be written off as C. Walken cannot be traced.
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DOMS e No Date Sou Debtoms contuol Account Balonu b... View the full answer
Related Book For
Fundamental Financial Accounting Concepts
ISBN: 978-0078025907
9th edition
Authors: Thomas Edmonds, Christopher Edmonds
Posted Date:
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