Question: REQUIRED Prepare the correct Creditors Control account (balanced) for March 2023. (8 marks) INFORMATION The followina transactions of ABC Traders have been recorded for March

REQUIRED Prepare the correct Creditors Control account (balanced) for March 2023. (8 marks) INFORMATION The followina transactions of ABC Traders have been recorded for March 2023: Additional information to record: - A creditor's account with a credit balance of R300 in the creditors ledger must be transferred to the account of the same creditor in the debtors ledger. - A credit note received from a creditor for a return of goods was not recorded, R400. - A payment to a creditor (included in the R80 000 above) was recorded as R5 500 instead of R5 000 in the cash payments journal and posted accordingly. ABC Traders was charged interest for one month at 18% per annum on an overdue account of R3 000
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
