On examining the books of Exports Co, you ascertain that on 1 October 20X8 the receivables...

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On examining the books of Exports Co, you ascertain that on 1 October 20X8 the receivables ledger balances were $8,024 debit and $57 credit, and the payables ledger balances on the same date $6,235 credit and $105 debit. For the year ended 30 September 20X9 the following particulars are available. 2$ Sales 63,728 39,974 55,212 37,307 1,475 2,328 1,002 Purchases Cash from trade accounts receivable Cash to trade accounts payable Discount received Discount allowed Returns inwards Returns outwards 535 Irrecoverable debts written off 326 Cash received in respect of debit balances in payables ledger Amount due from customer as shown by receivables ledger, offset against amount due to the same firm as shown by payables ledger (settlement by contra) Allowances to customers on goods damaged in transit 105 434 212 On 30 September 20X9 there were no credit balances in the receivables ledger except those outstanding on 1 October 20X8, and no debit balances in the payables ledger. You are required to write up the following accounts recording the above transactions bringing down the balances as on 30 September 20X9: (a) (b) Payables control account Receivables control account On examining the books of Exports Co, you ascertain that on 1 October 20X8 the receivables ledger balances were $8,024 debit and $57 credit, and the payables ledger balances on the same date $6,235 credit and $105 debit. For the year ended 30 September 20X9 the following particulars are available. 2$ Sales 63,728 39,974 55,212 37,307 1,475 2,328 1,002 Purchases Cash from trade accounts receivable Cash to trade accounts payable Discount received Discount allowed Returns inwards Returns outwards 535 Irrecoverable debts written off 326 Cash received in respect of debit balances in payables ledger Amount due from customer as shown by receivables ledger, offset against amount due to the same firm as shown by payables ledger (settlement by contra) Allowances to customers on goods damaged in transit 105 434 212 On 30 September 20X9 there were no credit balances in the receivables ledger except those outstanding on 1 October 20X8, and no debit balances in the payables ledger. You are required to write up the following accounts recording the above transactions bringing down the balances as on 30 September 20X9: (a) (b) Payables control account Receivables control account

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soluation RECEIVABLES CONTROL ACCOUNT Date particular Amount Date pau... View the full answer