Required(a) Prepare the following for the year ended 31 December 2020:(i) Sales ledger control account(ii) Purchases ledger control account(b) Prepare a Statement of financial position extract at 31 December 2020 showing the current assetsand current liabilities. QUESTION 2Peggy, a sole trader, has provided the following information for the year ended 31 December 2020:RMSales Ledger at 1 January 2020Purchase Ledger at 1 January 202031,81016,500The following are the transactions during the financial year:RMTotal receipts from accounts receivable219,000Cash sales41,900231,320Credit salesTotal cheques payment to accounts payableCredit purchases108,470113,145Discount allowed1,900Discount received745Cash purchases21,600Sales ledger contra/purchases ledger contra2,500Goods taken by the owner1,100Goods returned by accounts receivable523Goods returned to accounts payable236Returns inwards500Returns outwards1,500Refund to accounts receivable for overpayment800Bad debts written off320Accounts receivable's cheque dishonoured150Legal fees reimbursed to accounts receivable1,200Interest charged to accounts receivable for overdue invoices500The allowance for doubtful debts is to be maintained at 2% of accounts receivable at 31 December 2020.

A balance sheet is an accounting report that shows a corporation's assets liabilities, and…

QUESTION 2 Peggy, a sole trader, has provided the following information for the year ended 31 December 2020: RM Sales Ledger at 1 January 2020 Purchase Ledger at 1 January 2020 31,810 16,500 The following are the transactions during the financial year: RM Total receipts from accounts receivable 219,000 41,900 231,320 108,470 113,145 Cash sales Credit sales Total cheques payment to accounts payable Credit purchases Discount allowed 1,900 Discount received 745 Cash purchases 21,600 2,500 Sales ledger contra/purchases ledger contra Goods taken by the owner 1,100 Goods returned by accounts receivable 523 Goods returned to accounts payable 236 Returns inwards 500 Returns outwards 1,500 Refund to accounts receivable for overpayment 800 Bad debts written off 320 Accounts receivable's cheque dishonoured 150 Legal fees reimbursed to accounts receivable 1,200 Interest charged to accounts receivable for overdue invoices 500 The allowance for doubtful debts is to be maintained at 2% of accounts receivable at 31 December 2020.

QUESTION 2 Peggy, a sole trader, has provided the following information for the year ended 31 December 2020: RM Sales Ledger at 1 January 2020 Purchase Ledger at 1 January 2020 31,810 16,500 The following are the transactions during the financial year: RM Total receipts from accounts receivable 219,000 41,900 231,320 108,470 113,145 Cash sales Credit sales Total cheques payment to accounts payable Credit purchases Discount allowed 1,900 Discount received 745 Cash purchases 21,600 2,500 Sales ledger contra/purchases ledger contra Goods taken by the owner 1,100 Goods returned by accounts receivable 523 Goods returned to accounts payable 236 Returns inwards 500 Returns outwards 1,500 Refund to accounts receivable for overpayment 800 Bad debts written off 320 Accounts receivable's cheque dishonoured 150 Legal fees reimbursed to accounts receivable 1,200 Interest charged to accounts receivable for overdue invoices 500 The allowance for doubtful debts is to be maintained at 2% of accounts receivable at 31 December 2020.

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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Cash Receipt #94 Dated April 4, 2022 From Jokers Et Al., cheque #2213 for $950 in full payment of invoice # 287, taking into account 2% sales discount of $50 for early payment. 04-15-2022 J2 1080 1200 94, Jokers Et Al. Bank: Chequing Accounts Receivable 1,000.00 1,000.00 Compare the transaction information and the transaction as captured in Sage and state, what was done wrong and how would you correct it?
1. Accounts receivable balance as of December 31, 2020 2. Allowance for doubtful accounts as of December 31, 2020 3. Net realizable value, December 31, 2020 4. Doubtful accounts expense for 2020
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