The following balances were extracted from the books of ABC Ltd. for the month of June 2005:
Question:
The following balances were extracted from the books of ABC Ltd. for the month of
June 2005:
$‘000’
Debit balances (1 June 2005): Sales ledger 1,478,000
Purchase ledger 11,500
Credit balances (1 June 2005): Sales ledger 45,500
Purchases ledger 523,800
Discounts received 123,500
Discounts allowed 179,700
Purchase (including cash purchases of Sh. 132,000) 1,534,000
Cash sales 818,000
Credit sales 2,268,200
Credit notes issued to customers for returned goods 95,000
Sales ledger debit balances off-set against purchases ledger 56,900
Payment to creditors 1,359,200
Interest charged by creditors on overdue accounts 89,000
Receipt from customers 1,778,000
Bad debts written off 57,200
Customer’s unpaid cheques 46,100
Interest charged to customers on overdue accounts 76,100
Debt collection expenses charged to debtors 30,800
Credit notes received from suppliers 46,700
Balances as at 30 June 2005: Purchases ledger (debit) 34,400
Sales ledger (credit) 70,700
Required:
(i) Sales ledger control account for the month ended 30 June 2005. (7 marks)
(ii) Purchase ledger control account for the month ended 30 June 2005. (7 marks)
Accounting For Cambridge International AS And A Level
ISBN: 9780198399711
1st Edition
Authors: Jacqueline Halls Bryan, Peter Hailstone