The following information relates to Gouda Traders. Balances of general ledger accounts at 31 March 2020...
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The following information relates to Gouda Traders. Balances of general ledger accounts at 31 March 2020 Debtors control – R22 000 Creditors control – R12 000 Totals of lists at 31 March 2020 Debtors list – R15 950 Creditors list – R11 460 After all the ledgers of Gouda Traders had been drawn up, the following errors were found. 1. The total of the sales returns column in the debtors allowances journal (R3 000) was posted to the debit side of the debtors control account. 2. An invoice to a debtor for R500 had not been recorded at all. 3. A settlement discount received from a creditor was erroneously debited to a debtor's account in the general ledger and posted as such. The total amount was R200. 4. An EFT voucher for a payment made to a creditor shows the correct amount of R559. The amount was correctly entered into the cashbook payments and creditors control, but R599 was entered into the creditor's individual account. 5. The creditors control column in the cash book payments was undercast by R500. 6. A credit note issued for R150 was erroneously journalised and posted as an original invoice. 7. The debtors list was undercast by 50. Required: Complete the following table in your answerbooklet. Show how the balances of the control accounts will be reconciled with the totals of the lists. Ignore VAT. Debtors control Creditors control account Debtors list account Creditors list No Debit Credit Debit Credit Debit Credit Debit Credit 1 3 7 Balance Balance Balance Balance Plus: Plus: Plus: Plus: Less: Less: Less: Less: Revised Revised Revised Revised balance balance balance balance The following information relates to Gouda Traders. Balances of general ledger accounts at 31 March 2020 Debtors control – R22 000 Creditors control – R12 000 Totals of lists at 31 March 2020 Debtors list – R15 950 Creditors list – R11 460 After all the ledgers of Gouda Traders had been drawn up, the following errors were found. 1. The total of the sales returns column in the debtors allowances journal (R3 000) was posted to the debit side of the debtors control account. 2. An invoice to a debtor for R500 had not been recorded at all. 3. A settlement discount received from a creditor was erroneously debited to a debtor's account in the general ledger and posted as such. The total amount was R200. 4. An EFT voucher for a payment made to a creditor shows the correct amount of R559. The amount was correctly entered into the cashbook payments and creditors control, but R599 was entered into the creditor's individual account. 5. The creditors control column in the cash book payments was undercast by R500. 6. A credit note issued for R150 was erroneously journalised and posted as an original invoice. 7. The debtors list was undercast by 50. Required: Complete the following table in your answerbooklet. Show how the balances of the control accounts will be reconciled with the totals of the lists. Ignore VAT. Debtors control Creditors control account Debtors list account Creditors list No Debit Credit Debit Credit Debit Credit Debit Credit 1 3 7 Balance Balance Balance Balance Plus: Plus: Plus: Plus: Less: Less: Less: Less: Revised Revised Revised Revised balance balance balance balance
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Debtors Control Account Debtors List Creditors Control Account Creditors Li... View the full answer
Related Book For
Financial Accounting A User Perspective
ISBN: 978-0470676608
6th Canadian Edition
Authors: Robert E Hoskin, Maureen R Fizzell, Donald C Cherry
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