Due to high demand of those who wanting the suspense account exercise, so here it is…. and Happy New Year!
Maziah’s trial balance for the month of June 2016 did not balance, the total credits exceeding the total debits by RM1,778 which he had to create a suspense account. However, on 4 July 2016, she discovered the following errors;
- A balance of RM80 on a trade receivables’ account has been omitted from the schedule of trade receivables.
- The receipts side of the cashbook had been under-cast by RM520.
- The total of sales recorded was RM9,154 instead of the correct figure of RM9,514.
- The payment to a creditor of RM179 was posted to the wrong side of his account.
- Purchases was under-cast by RM730.
- Payment from Wahab RM200 was recorded into Wahob’s account.
- A Payment RM450 received from Abbas, the debtor, was credited in the debtor’s account but was not recorded in the bank account.
- Motor vehicle maintenance of RM700 was recorded in the motor vehicle account.
- Prepare journal entries to correct the above errors.
- Draw the suspense account.
Here is another exercise for control accounts. Try to attempt this question ok?
Balance b/d as at 1 December 2017
– Sales ledger control account (Dr) 48,700
– Purchases ledger control account (Cr) 29,660
Transactions during the month,
Total cash sales 38,792
Total credit sales 318,990
Total cash purchases 13,212
Total credit purchases 247,340
Sales return 3,345
Purchases return 3,950
Discounts received from suppliers 3,222
Discounts granted to credit customers 3,630
Bad debts 6,750
Bad debts recovered 1,780
Cash and cheques received including from the bad debts recovered 321,780
Cash and cheques paid to suppliers 245,900
Interest charged on debtors 975
Increase in provision for bad debts 989
Transfer from Purchase Ledger to Sales Ledger 1,865
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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