A sales ledger control account and purchases ledger control account are maintained as integral parts of...

 

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A sales ledger control account and purchases ledger control account are maintained as integral parts of the accounting records of James Swift Limited. The following information is relevant to the business of James Swift Limited for the year ended 30 November 2007. (i) (ii) (iii) (iv) (v) (vi) (vii) (viii) Balances at 01 December 2006: Sales ledger Purchases ledger Sales totalled $130,382 whist sales returns amounted to $1,810 $127,900 was received from debtors in settlement of accounts totalling $130,650. In additions. $1,200 was received for a debt which had been written off as irrecoverable in the year ended 30 November 2006 A debt of $350 due from J Hancock was transferred to the purchases ledger and set off against a debt of $1,100 due to J Hancock. $10,687 debit $ 452 credit $ 1,630 debit $9,536 credit An amount of $560 due to James Swift Limited for goods supplied to T Dick was written off as bad debts in November 2007. Purchases amounted to $99,000 at list prices and purchases returns totaled $600 at list prices. All purchases and purchases returns were subject to trade discount of 10%. $83,500 was paid to suppliers in settlement of debts due of $85,000. Balances at 30 November 2007 included Sales ledger Purchases ledger (a) Sales Ledger Control (b) Purchases Ledger Control. $1.008 credit $ 760 debit Required: Prepare the following accounts for the year ended 30 November 2007 in the books of James Swift Limited. A sales ledger control account and purchases ledger control account are maintained as integral parts of the accounting records of James Swift Limited. The following information is relevant to the business of James Swift Limited for the year ended 30 November 2007. (i) (ii) (iii) (iv) (v) (vi) (vii) (viii) Balances at 01 December 2006: Sales ledger Purchases ledger Sales totalled $130,382 whist sales returns amounted to $1,810 $127,900 was received from debtors in settlement of accounts totalling $130,650. In additions. $1,200 was received for a debt which had been written off as irrecoverable in the year ended 30 November 2006 A debt of $350 due from J Hancock was transferred to the purchases ledger and set off against a debt of $1,100 due to J Hancock. $10,687 debit $ 452 credit $ 1,630 debit $9,536 credit An amount of $560 due to James Swift Limited for goods supplied to T Dick was written off as bad debts in November 2007. Purchases amounted to $99,000 at list prices and purchases returns totaled $600 at list prices. All purchases and purchases returns were subject to trade discount of 10%. $83,500 was paid to suppliers in settlement of debts due of $85,000. Balances at 30 November 2007 included Sales ledger Purchases ledger (a) Sales Ledger Control (b) Purchases Ledger Control. $1.008 credit $ 760 debit Required: Prepare the following accounts for the year ended 30 November 2007 in the books of James Swift Limited.