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The following balances were extracted from the books of Shilongo Traders on 1 January 2020   ...

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.

Business   Accounting   
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