Question 2 The following balances were extracted from the books of Sandy Ltd on 1 September...
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Question 2 The following balances were extracted from the books of Sandy Ltd on 1 September 2012: A. Purchases Ledger Sales Ledger B. In the month of September 2012, the following transactions occurre Debit balance on Sales Ledger transferred to Purchases Ledger Cash purchases Discount allowed Discount received Bad debts written off Debtor's cheque dishonoured Legalfees for debt collection charged to customer's account Credit sales Credit purchases Returns outwards to credit suppliers Returns inwards from credit customers Payments to credit suppliers Receipts from credit customers Refund to credit customer for overpayment Cash sales REQUIRED Dr $ Additional information at 1 October 2012: Purchases Ledger debit balances Sales Ledger credit balances 2,500 88,120 Prepare for the month of September 2012 the: i. Purchases Ledger Control Account ii. Sales Ledger Control Account. StateTHREE (3) functions of Control Accounts Cr $ 57,200 1,450 3,300 8,240 1,200 200 89,700 64,430 2,530 1,060 870 600 315 54,360 84,910 500 13,200 480 620 (7.5 marks) (10.5 marks) (2 marks) (Total 20 marks) Question 2 The following balances were extracted from the books of Sandy Ltd on 1 September 2012: A. Purchases Ledger Sales Ledger B. In the month of September 2012, the following transactions occurre Debit balance on Sales Ledger transferred to Purchases Ledger Cash purchases Discount allowed Discount received Bad debts written off Debtor's cheque dishonoured Legalfees for debt collection charged to customer's account Credit sales Credit purchases Returns outwards to credit suppliers Returns inwards from credit customers Payments to credit suppliers Receipts from credit customers Refund to credit customer for overpayment Cash sales REQUIRED Dr $ Additional information at 1 October 2012: Purchases Ledger debit balances Sales Ledger credit balances 2,500 88,120 Prepare for the month of September 2012 the: i. Purchases Ledger Control Account ii. Sales Ledger Control Account. StateTHREE (3) functions of Control Accounts Cr $ 57,200 1,450 3,300 8,240 1,200 200 89,700 64,430 2,530 1,060 870 600 315 54,360 84,910 500 13,200 480 620 (7.5 marks) (10.5 marks) (2 marks) (Total 20 marks)
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Answer rating: 100% (QA)
A Purchases Ledger Control Account Dr Cr To Purchases Ledger 2500 57200 To Sales Ledger 88120 1450 By Cash purchases 3300 By Credit purchases 1200 By Returns inwards 600 By Discount received 315 By Payments to suppliers 84910 By Refund to customer 500 Total 89700 Sales Ledger Control Account Dr Cr To Purchases Ledger 64430 2530 To Sales Ledger 1060 By Cash sales 13200 By Credit sales 870 By Returns outwards 600 By Discount allowed 54360 Total 88120 1450 B ... View the full answer
Related Book For
Accounting For Cambridge International AS And A Level
ISBN: 9780198399711
1st Edition
Authors: Jacqueline Halls Bryan, Peter Hailstone
Posted Date:
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