Question 2   The balances in the Trade Receivables Control account and Trade Payables Control account of Harapan Sdn Bhd as at 30 September are as follows:     RM Trade Receivables Control account 146,100 Trade Payables Control account 104,200   During the following month of October the summarised transactions below occurred:       RM (i) Credit sales 98,800 (ii) Cash sales 35,700 (iii) Credit purchases 83,400 (iv) Goods returned from receivables   2,800 (v) Goods returned to payables   1,500 (vi) Discount allowed to receivables      600 (vii) Receivables’ cheques subsequently dishonoured   4,100 (viii) Balances in the receivables ledger offset against balances in the payables ledger   6,300   Additional information   RM Cheques received from trade receivables 93,800 Cheques paid to trade payables 87,700   Required: Prepare the Trade Receivables Control account and Trade Payables Control account for Harapan Sdn Bhd for the month of October. Ensure that the opening and closing balances are clearly shown in each account.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Question 2

 

The balances in the Trade Receivables Control account and Trade Payables Control account of Harapan Sdn Bhd as at 30 September are as follows:

 

 

RM

Trade Receivables Control account

146,100

Trade Payables Control account

104,200

 

During the following month of October the summarised transactions below occurred:

 

 

 

RM

(i)

Credit sales

98,800

(ii)

Cash sales

35,700

(iii)

Credit purchases

83,400

(iv)

Goods returned from receivables

  2,800

(v)

Goods returned to payables

  1,500

(vi)

Discount allowed to receivables

     600

(vii)

Receivables’ cheques subsequently dishonoured

  4,100

(viii)

Balances in the receivables ledger offset against balances in the payables ledger

  6,300

 

Additional information

 

RM

Cheques received from trade receivables

93,800

Cheques paid to trade payables

87,700

 

Required:

Prepare the Trade Receivables Control account and Trade Payables Control account for Harapan Sdn Bhd for the month of October. Ensure that the opening and closing balances are clearly shown in each account.

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