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

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

ChapterB: Bad Debts

Section: Chapter Questions

Problem 2P: Hardys Landscape Services total revenue on account for 2018 amounted to 273,205. The company, which...

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