Take the errors and omissions into account and reconcile the list of debtors to the adjusted balance of the Debtors’ Control account for the period ended 31 August 2021. 5. Debtor Brad Pot's account of R1 700 is included with AN Other debtors R94 880.Attorneys have confirmed that Brad has been declared insolvent. The balance of hisaccount of R1 700 must be written-off as irrecoverable. The credit loss has already beenrecorded in the Debtors control account.Required :Take the errors and omissions into account and reconcile the list of debtors to the adjustedbalance of the Debtors' Control account for the period ended 31 August 2021. Present yoursolutions as follows:2.1 Debtors Control account:DrDebtors' Control AccountCr2021R| 202131.8R31.8 Balance b/d141 5002.2List of debtors:DLGivenAdjustedFolio Balance- R15 07019 240Debtors' listAdjustmentsBalance - RDL1AndyBeautyCindyAN OtherDL2DL313 760DL 494 880Debtorsto 79Total of the listof debtors142 950 Hybrid Solutions have many debtors and therefore keep records of transactions withindividual debtors in a Debtors' Subsidiary ledger (DL) while the general ledger houses theDebtors' Control account. Total of the list of debtors is reconciled at least once a month withthe balance of the Debtor's Control Account.The following is the summarised list of debtors at 31 August 2021 before any adjustmentswere made for errors and omissions:Debtors' list - Balances before corrections for errorsDLBalanceand omissionsFolioAmount - R15 07019 24013 76094 880AndyDL1BeautyDL2CindyDL3AN Other DebtorsDL 4 to 79Total of the list of debtors142 950All the totals from the subsidiary journals have been posted to the Debtors' Control accountand a debit balance of R141 500 at 31 August 2021as shown below.Errors and omissions still to be taken into account for the reconciliation of the list ofdebtors and the Debtors'Control account at 31 August 2021:1. Sales of R3 680 to Cindy were incorrectly recorded in the sales journal as a sale to Andyand posted as such.2. A receipt of R5 000 from Beauty was incorrectly recorded as R4 000 in the cash receiptsjournal and posted to Beauty's account.3. Cindy was granted an allowance of R400 for goods sent to her that were slightlydamaged. The allowance was incorrectly recorded in the Sales journal whereas it shouldhave been recorded in the sales returns and allowances journal.4. Interest of R250 must be charged to the overdue part of Andy's account. The interesthas already been recorded in the Debtors' control account.

Accounts receivable It is the sum that’s outstanding to be received by an enterprise for the credit…

5. Debtor Brad Pot's account of R1 700 is included with AN Other debtors R94 880. Attorneys have confirmed that Brad has been declared insolvent. The balance of his account of R1 700 must be written-off as irrecoverable. The credit loss has already been recorded in the Debtors control account. Required : Take the errors and omissions into account and reconcile the list of debtors to the adjusted balance of the Debtors' Control account for the period ended 31 August 2021. Present your solutions as follows: 2.1 Debtors Control account: Dr Debtors' Control Account Cr 2021 31.8 Balance b/d R | 2021 31.8 R 141 500 2.2 List of debtors: DL Given Adjusted Balance - R Debtors' list Folio Balance- R Adjustments 15 070 19 240 13 760 DL1 Andy Beauty DL2 Cindy AN Other DL3 DL 4 to 79 94 880 Debtors Total of the list 142 950 of debtors

5. Debtor Brad Pot's account of R1 700 is included with AN Other debtors R94 880. Attorneys have confirmed that Brad has been declared insolvent. The balance of his account of R1 700 must be written-off as irrecoverable. The credit loss has already been recorded in the Debtors control account. Required : Take the errors and omissions into account and reconcile the list of debtors to the adjusted balance of the Debtors' Control account for the period ended 31 August 2021. Present your solutions as follows: 2.1 Debtors Control account: Dr Debtors' Control Account Cr 2021 31.8 Balance b/d R | 2021 31.8 R 141 500 2.2 List of debtors: DL Given Adjusted Balance - R Debtors' list Folio Balance- R Adjustments 15 070 19 240 13 760 DL1 Andy Beauty DL2 Cindy AN Other DL3 DL 4 to 79 94 880 Debtors Total of the list 142 950 of debtors

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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