Additional information: • The cheque received from L. Simpson on the 26th February in settlement of her account was returned by the bank marked R/D on the 28th February 2021. This transaction has not yet been recorded. • The debtors control and debtors list was reconciled on the 31st January 2021 Q.2.1 Open, post to and balance the debtors control account in the general ledger of Towel Talk for February 2021. (Round off to the nearest rand) 2021 2.2 Prepare the individual account of L. Simpson in the debtors ledger of Towel Talk for February 2021. (Round off to the nearest rand) 2.3 Prepare the debtors list of Towel Talk as at 28 February 2021. (Round off to the nearest rand) (Show all workings)
Additional information: • The cheque received from L. Simpson on the 26th February in settlement of her account was returned by the bank marked R/D on the 28th February 2021. This transaction has not yet been recorded. • The debtors control and debtors list was reconciled on the 31st January 2021 Q.2.1 Open, post to and balance the debtors control account in the general ledger of Towel Talk for February 2021. (Round off to the nearest rand) 2021 2.2 Prepare the individual account of L. Simpson in the debtors ledger of Towel Talk for February 2021. (Round off to the nearest rand) 2.3 Prepare the debtors list of Towel Talk as at 28 February 2021. (Round off to the nearest rand) (Show all workings)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
Additional information:
• The cheque received from L. Simpson on the 26th February in settlement of her account was returned by the bank marked R/D on the 28th February 2021. This transaction has not yet been recorded.
• The debtors control and debtors list was reconciled on the 31st January 2021
Q.2.1 Open, post to and balance the debtors control account in the general ledger of Towel Talk for February 2021. (Round off to the nearest rand)
2021
2.2 Prepare the individual account of L. Simpson in the debtors ledger of Towel Talk for February 2021. (Round off to the nearest rand)
2.3 Prepare the debtors list of Towel Talk as at 28 February 2021. (Round off to the nearest rand) (Show all workings)
![Cashbook Receipts of Towel Talk - February 2021
DOC
DATE DETAILS FOL BANK
DEBTORS
OUTPUT
SALES
SUNDRIES
CONTROL VAT
AMOUNT FOL DETAILS
NO
CR333 1
CR334 7
B. Pitt
18 000
20 700
2 700
Н.
3 795
495
3 300
Services
Homer
Rendered
DR28
14
L.
D1
8 000
8 000
Simpson
CR335
19
Cash
27 600
3 600
24 000
DR29
| 23
D. Patel
D5
24 961
24 961
DR30
26
L.
D1
5 985
5 985
Simpson
91 041
38 946
6 795
42 000
3 300
General Journal of Towel Talk - February 2021
DOC
DATE DETAILS
FOL DEBIT
CREDIT
NO
JV25
23
Sales
1 143
Input VAT
171
Debtors Control/D. Patel
D5
1 314
(Settlement Discount of 5%)
JV26
26
Sales
274
Input VAT
41
Debtors Control/L. Simpson D1
315
(Settlement Discount of 5%)
JV27
28
Credit losses
23 000
Input VAT
3 450
Debtors Control/Home
D4
26 450
Centre
(Amount written off as irrecoverable)
JV28
28
Debtors Control/Marvel Ltd
D2 ?
Interest Received
?
(Interest for the month on overdue
account at 10% per annum calculated
on the month end balance)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F698fb5ae-aff1-4f89-99ae-6e521f2fefc1%2Ffd606134-edcc-42f4-abdb-fe8af6f2b8fc%2F9iyed0m_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Cashbook Receipts of Towel Talk - February 2021
DOC
DATE DETAILS FOL BANK
DEBTORS
OUTPUT
SALES
SUNDRIES
CONTROL VAT
AMOUNT FOL DETAILS
NO
CR333 1
CR334 7
B. Pitt
18 000
20 700
2 700
Н.
3 795
495
3 300
Services
Homer
Rendered
DR28
14
L.
D1
8 000
8 000
Simpson
CR335
19
Cash
27 600
3 600
24 000
DR29
| 23
D. Patel
D5
24 961
24 961
DR30
26
L.
D1
5 985
5 985
Simpson
91 041
38 946
6 795
42 000
3 300
General Journal of Towel Talk - February 2021
DOC
DATE DETAILS
FOL DEBIT
CREDIT
NO
JV25
23
Sales
1 143
Input VAT
171
Debtors Control/D. Patel
D5
1 314
(Settlement Discount of 5%)
JV26
26
Sales
274
Input VAT
41
Debtors Control/L. Simpson D1
315
(Settlement Discount of 5%)
JV27
28
Credit losses
23 000
Input VAT
3 450
Debtors Control/Home
D4
26 450
Centre
(Amount written off as irrecoverable)
JV28
28
Debtors Control/Marvel Ltd
D2 ?
Interest Received
?
(Interest for the month on overdue
account at 10% per annum calculated
on the month end balance)
![Question 2
The following information was taken from the books of Towel Talk for January and February 2021:
List of balances in the Debtors Ledger of Towel Talk as at 31 January 2021:
Debtor
Fol
Amount
L Simpson
D1
R12 000
Marvel Ltd
D2
R13 900
R Green
D3
R9 600
Home Centre Ltd
D4
R2 300
D Patel
D5
R16 500
R54 300
Debtors Journal of Towel Talk - February 2021
DOC NO DATE
DETAILS
FOL DEBTORS
OUTPUT
SALES
CONTROL
VAT
INV203
2
Marvel Ltd
D2
17 250
2 250
15 000
INV204
8
Home Centre Ltd
D4
24 150
3 150
21 000
INV205
12
L. Simpson
D1
2 875
375
2 500
INV206
18
D. Patel
D5
9 775
1 275
8 500
INV207
22
R. Green
D3
1 093
143
950
INV208
24
L. Simpson
D1
5 175
675
4 500
INV209
28
D. Patel
D5
2 300
300
2 000
62 618
8 168
54 450
Debtors Allowances Journal of Towel Talk - February 2021
DOC NO DATE
DETAILS
FOL DEBTORS
INPUT VAT SALES
CONTROL
RETURNS
CN45
4
Marvel Ltd
D2
2 875
375
2 500
CN46
13
L. Simpson
D1
575
75
500
CN47
23
R. Green
D3
230
30
200
CN48
25
L. Simpson
D1
5 175
675
4 500
8 855
1 155
7 700](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F698fb5ae-aff1-4f89-99ae-6e521f2fefc1%2Ffd606134-edcc-42f4-abdb-fe8af6f2b8fc%2F3zan1lo_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Question 2
The following information was taken from the books of Towel Talk for January and February 2021:
List of balances in the Debtors Ledger of Towel Talk as at 31 January 2021:
Debtor
Fol
Amount
L Simpson
D1
R12 000
Marvel Ltd
D2
R13 900
R Green
D3
R9 600
Home Centre Ltd
D4
R2 300
D Patel
D5
R16 500
R54 300
Debtors Journal of Towel Talk - February 2021
DOC NO DATE
DETAILS
FOL DEBTORS
OUTPUT
SALES
CONTROL
VAT
INV203
2
Marvel Ltd
D2
17 250
2 250
15 000
INV204
8
Home Centre Ltd
D4
24 150
3 150
21 000
INV205
12
L. Simpson
D1
2 875
375
2 500
INV206
18
D. Patel
D5
9 775
1 275
8 500
INV207
22
R. Green
D3
1 093
143
950
INV208
24
L. Simpson
D1
5 175
675
4 500
INV209
28
D. Patel
D5
2 300
300
2 000
62 618
8 168
54 450
Debtors Allowances Journal of Towel Talk - February 2021
DOC NO DATE
DETAILS
FOL DEBTORS
INPUT VAT SALES
CONTROL
RETURNS
CN45
4
Marvel Ltd
D2
2 875
375
2 500
CN46
13
L. Simpson
D1
575
75
500
CN47
23
R. Green
D3
230
30
200
CN48
25
L. Simpson
D1
5 175
675
4 500
8 855
1 155
7 700
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 4 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education