QUESTION 2Jane Lee maintains double-entry records; she has suppliedthe following information:RMCreditors at 30 June 200930 June 2010Debtors at 30 June 200930 June 2010Cash received from debtors438,000Cash salesCredit salesCash paid to creditors?Discount allowedDiscount received?Additional information for the year ended 30 June 2010:£RM33,000 Creditors at63,620 Debtors at83,800462,654216,9403,8001,49052,200Cash purchasesSales ledger contra/Purchases ledger contra5,000Credit purchasesReturns inwardsReturns outwardsRequired:(a) Prepare for the year ended 30 June 2010 the:() Sales Ledger Control Account(ii) Purchases Ledger Control Account.(b)Suggest five reasons why there may be adifference between the Purchase Ledger balances anda Ledger Control Account balance.228,4901,0003,000

Ledgers are the accounts that summarize transactions related to a particular head so that the net…

QUESTION 2 Jane Lee maintains double-entry records; she has supplied the following information: RM Creditors at 30 June 2009 30 June 2010 Debtors at 30 June 2009 30 June 2010 ? Cash received from debtors 438,000 Cash sales Credit sales Cash paid to creditors Discount allowed Discount received ? RM Creditors at 63,620 Debtors at 33,000 Additional information for the year ended 30 June 2010: £ Cash purchases Sales ledger contra/Purchases ledger contra 5,000 83,800 462,654 216,940 3,800 1,490 52,200 Credit purchases Returns inwards Returns outwards Required: (a) Prepare for the year ended 30 June 2010 the: (1) Sales Ledger Control Account (ii) Purchases Ledger Control Account. (b) Suggest five reasons why there may be a difference between the Purchase Ledger balances and a Ledger Control Account balance. 228,490 1,000 3,000

QUESTION 2 Jane Lee maintains double-entry records; she has supplied the following information: RM Creditors at 30 June 2009 30 June 2010 Debtors at 30 June 2009 30 June 2010 ? Cash received from debtors 438,000 Cash sales Credit sales Cash paid to creditors Discount allowed Discount received ? RM Creditors at 63,620 Debtors at 33,000 Additional information for the year ended 30 June 2010: £ Cash purchases Sales ledger contra/Purchases ledger contra 5,000 83,800 462,654 216,940 3,800 1,490 52,200 Credit purchases Returns inwards Returns outwards Required: (a) Prepare for the year ended 30 June 2010 the: (1) Sales Ledger Control Account (ii) Purchases Ledger Control Account. (b) Suggest five reasons why there may be a difference between the Purchase Ledger balances and a Ledger Control Account balance. 228,490 1,000 3,000

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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1 Find the new balance, assuming that the bank charges 2-% per month on the unpaid balance. 2 Previous New Balance Payment Purchases $592.88 $81.26 A. $575.61 B. $572.61 C. $576.51 O D. $574.41 $50.00
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Required information Skip to question [The following information applies to the questions displayed below.]The August bank statement and cash T-account for Martha Company follow: BANK STATEMENT Date Checks Deposits Other Balance August 1 $ 13,600 August 2 $ 120 13,480 August 3 $ 9,300 22,780 August 4 220 22,560 August 5 160 22,400 August 9 530 21,870 August 10 130 21,740 August 15 3,100 24,840 August 21 220 24,620 August 24 15,500 9,120 August 25 5,650 14,770 August 30 620 14,150 August 30 Interest earned $ 20 14,170 August 31 Service charge 10 14,160 Cash (A) Debit Credit August 1 Balance 13,600 Deposits Checks written August 2 9,300 120 August 1 August 12 3,100 220 August 2 August 24 5,650 160 August 3 August 31 4,100 130 August 4 530 August 5 200 August 15 280 August 17 620 August 18 220 August 19…