Question

2.         The following particulars relating to the year ended 31 March 20X8 have been extracted from...

2.         The following particulars relating to the year ended 31 March 20X8 have been extracted from the books of a trader.

                                                                                                                               £  

Debtors' ledger control account balance on 1 April 20X7 (debit)                     7,182

Sales                                                                                                              69,104

Cash received from debtors/trade receivables                                              59,129

Discounts allowed                                                                                            1,846

Discounts received                                                                                          1,461

Returns inwards                                                                                                  983

Returns outwards                                                                                               627

Credit card payments by debtors                                                                     3,243

Bad debts written off                                                                                           593

Cash paid in respect of a credit balance on a debtors' ledger account                66

Amounts due from customers as shown by debtors' ledger

            transferred to creditors' ledger                                                                303

Interest charged on debtors' overdue account                                                     10

Credit balance on debtors' ledger control account on 31 March 20X8                 42

REQUIRED:

Prepare the debtors' ledger control account for the year ended 31 March 20X8, using relevant figures selected from the data shown above. Insert the closing debtors/trade receivables as a balancing figure.

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Answer #1

Debtors Ledger Control Account as at 31 March 20x8:

Particulars Debits Particulars Credits
Opening balance as on 01 April 20x7 7182 Cash received 59129
Sales 69104 Discount allowed 1846
Cash paid for credit balance 66 Returns inward 983
Interest charged 10 Credit card payment 3243
Bad debts written off 593
Amount adjusted against creditors 303
Credit balance on debtors 42
Closing balance 10223
76362 76362

Closing Debtors Ledger Control Account balance as on 31 March 20x8 is £10223

Note:

1. Discount received is against purchase made thus will be adjusted to Creditors control account

2. Return outwards will be of purchase made thus will be adjusted against creditors control account

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