The following information relates to the general ledger of Rita Enterprise for the month of March 2013:
|Balances at 1 March 2013
|Sales Ledger Control Account
|Purchase Ledger Control Account
|Transactions for the month of March 2013:
|Cash paid to suppliers (suppliers on credit)
|Interest charged to customers
|Cash received from customers (customers on credit)
|Bad debts written off
|Freight charged to debtors
|Discount received from suppliers
|Interest charged by creditors
|Dishonoured cheque returned to customers
|Balances in sales ledger set off against credit balances in purchases ledger
|Cash refunded to debtors
Prepare the sales and purchase ledger control accounts using the relevant information above.
Try this, I took this from a website…http://www.accounting-basics-for-students.com/-debtors-creditors-control-accounts-question-.html which I also don’t know the answer yet. Why don’t you download this, print it and do it. Bring it to class for further discussion. Simple!
The following is a list of balances relating to Phiri Properties Ltd during 2010. The company maintains a memorandum debtors and creditors ledger in which the individual account of customers and suppliers are maintained.
These were as follows:
Debit balance in debtors account 01/01/10 66,300.00
Credit balance in creditors account 01/01/10 50,600.00
Sunday credit balance on debtors ledger 724.00
Goods purchased on credit 257,919.00
Goods sold on credit 323,614.00
Cash received from debtors 299,149.00
Cash paid to suppliers 210,522.00
Discount received 2,663.00
Discount allowed 2,930.00
Cash purchases 3,627.00
Cash sales 5,922.00
Bad Debts written off 3,651.00
Interest on overdue account of customers 277.00
Returns outwards 2,926.00
Return inwards 2,805.00
Accounts settled by contra between debtors and creditors ledgers 1,106.00
Credit balances in debtors ledgers 31/12/10 815.00
Debit balances in creditors ledger 31/12/10 698.00
(a) Prepare the debtors control account as at 31/12/10.
(b) Prepare the creditors control account as at 31/12/10?
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DO NOT THINK this is the final exam questions. Just attempt this to enhance and sharpen your skills.
Balance as per trial balance RM2,400 (Dr)
- Sales were undercast by RM800
- Remittance of RM1,700 received from Ali, a debtor, was mistakenly credited in a creditor’s account, also by the name of Ali
- Purchased from Mydin RM3,600 and no records have been found in any of the books
- Payment of electricity to Pos Malaysia RM120 cash was posted as RM210 in the expenses ledger
- Purchases were overcast by RM1,000
- Discounts received of RM450 was posted into a discounts received account
- Depreciation of a machine of RM1,000 was omitted in the expense account
- Payment of cheque to Ahmed RM1,500 was recorded in Ahmad’s account
- Payment of wages to part timers RM900 was recorded as RM600 in wages account
The net profit for the year was recorded as RM27,410.
- Journal entries for each of the transaction
- Suspense accounts
Statement of corrected net profit for the year.
There is still time…..hehe