Q3: The balance on the trade receivable control and trade payable control account on 1“ July are Rs. 79, 500, 000 and Rs8500,000 respectively. During the month of July following transactions were occurs. i. Sales of Rs. 1850,000 to customer and credit purchases of Rs. 1550,000 have been made. ii. A receipt of Rs. 2000, 000 from customer and payment to supplier were Rs1500,000 has been made. ii. A discount allowed of Rs 300,000 to customer and discount received was Rs. 150,000 from supplier during July. iv. Sales returns from customer were of Rs. 1500,000 and return outward of rs. 200,000 have been made during July. v. Badebts were Rs. 350,000 during July. Requirement: Prepare receivable control account and payable control account for the month of July.

Q3: The balance on the trade receivable control and trade payable control account on 1“ July are Rs. 79, 500, 000 and Rs8500,000 respectively. During the month of July following transactions were occurs. i. Sales of Rs. 1850,000 to customer and credit purchases of Rs. 1550,000 have been made. ii. A receipt of Rs. 2000, 000 from customer and payment to supplier were Rs1500,000 has been made. ii. A discount allowed of Rs 300,000 to customer and discount received was Rs. 150,000 from supplier during July. iv. Sales returns from customer were of Rs. 1500,000 and return outward of rs. 200,000 have been made during July. v. Badebts were Rs. 350,000 during July. Requirement: Prepare receivable control account and payable control account for the month of July.

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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