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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)

FINANCIAL ACCOUNTING
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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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)
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
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
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