Question: please help me with control accounts there are 7 types of accounts: 1. error of omission 2. error of comission 3. error of principle 4.
ow QUESTION 1: lovine Ltd maintains Control Accounts as part of the double entry system. The following balances were extracted from the books on 1 July 2020: Dr E Purchases Ledger 800 46,830 Sales Ledger 66,570 500 In July 2020, the following transactions took place: E Sales on credit 73,950 Discount received 700 Cash sales 6,751 Credit purchases 45,400 Discount allowed 2.000 Had dehts written off 900 Returns inwards from credit customers Returns outwards to credit suppliers 1,620 Payments to creclit suppliers 54,700 Receipts from credit customers 76,225 Refund to credit customer for overpayment 800 Debtor's cheque dishonoured 950 Cash purchases 4,100 Debit balance on Sales Ledger transferred to Purchases Lecker 2,600 Bad debts recovered from B Lee after being written off in a previous year 430 Balances at 31 July 2020: Dr Cr E E Purchases Ledger 260 ? Sales Ledger 2 310 REQUIRED: Prepare the following for July 2020: O Sales Ledger Control Account (11) Purchase Ledger Control Account. [20 Marks
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