B4. The information below was extracted from the books of Sharon for May 2016.Balances in the ledgers on 1 May 2016Debtors control account balance N$ 22,600Creditors control account balance N$15,400Information for the month ended 31 May 2016Credit sales N$34,700Credit Purchases N$46,900Cheque received from debtors N$17,000Cheque payments to creditors N$9,500Cash received from debtors N$2,800Goods return back by the customers N$4,100Goods sent back to the suppliers N$3,200Discount allowed to customer N$ 1200Discount Received from customer N$ 920Contra Entry N$ 300Bad Debts written off N$ 2700Bad Debit recovered N$ 1 340Provision for doubtful debts N$ 1400Required.prepare the debtors control account and creditors control account

Debtors control account also known as Sales Ledger control account and Creditors control account…

Answered: Required prepare the debtors control…

Business

Accounting

Required prepare the debtors control account and creditors control account

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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Question

B4.

The information below was extracted from the books of Sharon for May 2016.
Balances in the ledgers on 1 May 2016
Debtors control account balance N$ 22,600
Creditors control account balance N$15,400
Information for the month ended 31 May 2016
Credit sales N$34,700
Credit Purchases N$46,900
Cheque received from debtors N$17,000
Cheque payments to creditors N$9,500
Cash received from debtors N$2,800
Goods return back by the customers N$4,100
Goods sent back to the suppliers N$3,200
Discount allowed to customer N$ 1200
Discount Received from customer N$ 920
Contra Entry N$ 300
Bad Debts written off N$ 2700
Bad Debit recovered N$ 1 340
Provision for doubtful debts N$ 1400
Required.
prepare the debtors control account and creditors control account

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