Question 2 The following balancesrwere extracted from the books of Sandy Ltd on 1 September 2012: Dr Cr Purchases Ledger Sales Ledger 2,500 88,120 57,200 1,450 In the month of September 2012, the following transactions occurred: Debit balance on Sales Ledger transferred to Purchases Ledger Cash purchases Debtor's cheque dishonoured Legal fees for debt collection charged to customer's account Credit sales Credit purchases Returns outwards to credit suppliers Returns inwards from credit customers Discount allowed Discount received Bad debts written off Payments to credit suppliers Receipts from credit customers Refund to credit customer for overpayment Cash sales 3,300 8,240 1,200 200 89,700 64,430 2,530 1,060 870 600 315 54,360 84,910 500 13,200 Additional information at 1 October 2012: Purchases Ledger debit balances Sales Ledger credit balances 480 620

Question 2 The following balancesrwere extracted from the books of Sandy Ltd on 1 September 2012: Dr Cr Purchases Ledger Sales Ledger 2,500 88,120 57,200 1,450 In the month of September 2012, the following transactions occurred: Debit balance on Sales Ledger transferred to Purchases Ledger Cash purchases Debtor's cheque dishonoured Legal fees for debt collection charged to customer's account Credit sales Credit purchases Returns outwards to credit suppliers Returns inwards from credit customers Discount allowed Discount received Bad debts written off Payments to credit suppliers Receipts from credit customers Refund to credit customer for overpayment Cash sales 3,300 8,240 1,200 200 89,700 64,430 2,530 1,060 870 600 315 54,360 84,910 500 13,200 Additional information at 1 October 2012: Purchases Ledger debit balances Sales Ledger credit balances 480 620

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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A. Prepare for the month of september 2012 the I. Purchases ledger control account II. Sales ledger control account B.state three functions of control accounts

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Question 2
The following balances were extracted from the books of Sandy Ltd on 1 September 2012:
Dr
Cr
Purchases Ledger
Sales Ledger
2,500
88,120
57,200
1,450
In the month of September 2012, the following transactions occurred:
Debit balance on Sales Ledger transferred to Purchases Ledger
Cash purchases
Debtor's cheque dishonoured
Legal fees for debt collection charged to customer's account
Credit sales
Credit purchases
Returns outwards to credit suppliers
Returns inwards from credit customers
Discount allowed
Discount received
Bad debts written off
Payments to credit suppliers
Receipts from credit customers
Refund to credit customer for overpayment
Cash sales
3,300
8,240
1,200
200
89,700
64,430
2,530
1,060
870
600
315
54,360
84,910
500
13,200
Additional information at 1 October 2012:
Purchases Ledger debit balances
Sales Ledger credit balances
480
620

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