The following balances were extracted from the books of Shilongo Traders on 1 January 2020
Debit | Credit | |
Purchases Ledger | 1,912 | 83,025 |
Sales Ledger | 130,905 | 1,940 |
In the month of January 2020, the following transactions were made: |
||
Debit balance on Sales Ledger transferred to Purchases Ledger |
4,955 | |
Debtors cheque dishonoured | 1,908 | |
Sales on credit | 133,650 | |
Credit purchases | 96,645 | |
Returns Outwards to credit suppliers | 3,795 | |
Returns inwards to credit customers | 1,590 | |
cash sales | 19,005 | |
cash purchases | 10,913 | |
Discount allowed | 1,305 | |
Discount received | 1,600 | |
Allowance for credit losses | 474 | |
Payments to credit suppliers | 81,540 | |
Receipts form credit customers | 127,385 | |
Refund to customers for overpayment | 600 | |
At 1 February 2020, the following information was available:
Purchases Ledger debit balances | 480 |
Sales Ledger credit balances | 787 |
Required:
a) Prepare the Purchases Ledger Control Account for the month of January 2020
b) Sales Ledger Control Account for the month of January 2020.
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