Homework Help is Here – Start Your Trial Now!
Business
Accounting
The following information was taken from the books of Towel Talk for January and February 2021: List of balances in the Debtors Ledger of Towel Talk as at 31 January 2021: Debtor Fol Amount L Simpson D1 R12 000 Marvel Ltd D2 R13 900 R Green D3 R9 600 Home Centre Ltd D4 R2 300 D Patel D5 R16 500 R54 300 O The Independent institute of Education (Pty) Ltd 2021 Page 4 of 21 2021 Debtors Journal of Towel Talk - February 2021 DOC NO DATE DETAILS FOL DEBTORS OUTPUT SALES CONTROL VAT INV203 2 Marvel Ltd D2 17 250 2 250 15 000 INV204 8. Home Centre Ltd D4 24 150 3 150 21 000 INV205 12 L. Simpson D1 2 875 375 2 500 INV206 18 D. Patel D5 9 775 1 275 8 500 INV207 22 R. Green D3 1 093 143 950 INV208 24 L. Simpson D1 5 175 675 4 500 INV209 D. Patel D5 2 300 2 000 28 300 62 618 8 168 54 450 Debtors Allowances Journal of Towel Talk - February 2021 DOC NO DATE DETAILS FOL DEBTORS INPUT VAT SALES CONTROL RETURNS CN45 Marvel Ltd 2 875 2 500 4 D2 375 CN46 13 L. Simpson D1 575 75 500 CN47 23 R. Green D3 230 30 200 CN48 25 L. Simpson D1 5 175 675 4 500 8 855 1 155 7 700 Cashbook Receipts of Towel Talk - February 2021 DOC DETAILS FOL DEBTORS SALES SUNDRIES DATE OUTPUT NO CONTROL AMOUNT FOL DETAILS VAT CR333 1 B. Pitt 20 700 2 700 18 000 CR334 7 H. 3 795 495 3300 Services Homer Rendered DR28 14 L. D1 8 000 8 000 Simpson CRI35 19 Cash 27 600 3 600 24 000 DR29 23 D. Patel DS 24 961 24 961 DR30 26 L D1 5 985 5 985 Simpson 91 041 38 946 6 795 42 000 3 300

The following information was taken from the books of Towel Talk for January and February 2021: List of balances in the Debtors Ledger of Towel Talk as at 31 January 2021: Debtor Fol Amount L Simpson D1 R12 000 Marvel Ltd D2 R13 900 R Green D3 R9 600 Home Centre Ltd D4 R2 300 D Patel D5 R16 500 R54 300 O The Independent institute of Education (Pty) Ltd 2021 Page 4 of 21 2021 Debtors Journal of Towel Talk - February 2021 DOC NO DATE DETAILS FOL DEBTORS OUTPUT SALES CONTROL VAT INV203 2 Marvel Ltd D2 17 250 2 250 15 000 INV204 8. Home Centre Ltd D4 24 150 3 150 21 000 INV205 12 L. Simpson D1 2 875 375 2 500 INV206 18 D. Patel D5 9 775 1 275 8 500 INV207 22 R. Green D3 1 093 143 950 INV208 24 L. Simpson D1 5 175 675 4 500 INV209 D. Patel D5 2 300 2 000 28 300 62 618 8 168 54 450 Debtors Allowances Journal of Towel Talk - February 2021 DOC NO DATE DETAILS FOL DEBTORS INPUT VAT SALES CONTROL RETURNS CN45 Marvel Ltd 2 875 2 500 4 D2 375 CN46 13 L. Simpson D1 575 75 500 CN47 23 R. Green D3 230 30 200 CN48 25 L. Simpson D1 5 175 675 4 500 8 855 1 155 7 700 Cashbook Receipts of Towel Talk - February 2021 DOC DETAILS FOL DEBTORS SALES SUNDRIES DATE OUTPUT NO CONTROL AMOUNT FOL DETAILS VAT CR333 1 B. Pitt 20 700 2 700 18 000 CR334 7 H. 3 795 495 3300 Services Homer Rendered DR28 14 L. D1 8 000 8 000 Simpson CRI35 19 Cash 27 600 3 600 24 000 DR29 23 D. Patel DS 24 961 24 961 DR30 26 L D1 5 985 5 985 Simpson 91 041 38 946 6 795 42 000 3 300

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Q.2.2 Prepare the individual account of L. Simpson in the debtors ledger of Towel
Talk for February 2021. (Round off to the nearest rand)
Q.2.3 Prepare the debtors list of Towel Talk as at 28 February 2021. (Round off to
the nearest rand) (Show all workings)

The following information was taken from the books of Towel Talk for January and February 2021: List of balances in the Debtors Ledger of Towel Talk as at 31 January 2021: Debtor Fol Amount L Simpson D1 R12 000 Marvel Ltd D2 R13 900 R Green D3 R9 600 Home Centre Ltd D4 R2 300 D Patel R16 500 D5 R54 300 O The Independent Institute of Education (Pty) Ltd 2021 Page 4 of 8 21 2021 Debtors Journal of Towel Talk - February 2021 DOC NO DATE DETAILS FOL DEBTORS SALES OUTPUT CONTROL VAT INV203 2 Marvel Ltd D2 17 250 2 2 250 15 000 INV204 8. Home Centre Ltd D4 24 150 3 150 21 000 INV205 12 L. Simpson D1 2 875 375 2 500 INV206 18 D. Patel D5 9 775 1 275 8 500 INV207 22 R. Green D3 1 093 143 950 INV208 24 L. Simpson D1 5 175 675 4 500 INV209 28 D. Patel D5 2 300 300 2 000 62 618 8 168 54 450 Debtors Allowances Journal of Towel Talk - February 2021 DOC NO DATE DETAILS FOL DEBTORS INPUT VAT SALES RETURNS CONTROL |CN45 Marvel Ltd D2 2 500 4 2 875 375 CN46 13 L. Simpson D1 575 75 500 CN47 23 R. Green D3 230 30 200 4 500 7 700 CN48 25 L. Simpson D1 5 175 675 8 855 1 155 Cashbook Receipts of Towel Talk - February 2021 DOC DATE DETAILS FOL BANK DEBTORS OUTPUT SALES SUNDRIES NO CONTROL VAT AMOUNT FOL DETAILS CR333 1 B. Pitt 20 700 2 700 18 000 CR334 7 3 795 495 3 300 Services H. Homer Rendered DR28 14 L. D1 8 000 8 000 Simpson CR335 19 Cash 27 600 3 600 24 000 DR29 23 D. Patel D5 24 961 24 961 DR30 26 L. D1 5 985 5 985 Simpson 91 041 38 946 6 795 42 000 3 300
Transcribed Image Text:The following information was taken from the books of Towel Talk for January and February 2021: List of balances in the Debtors Ledger of Towel Talk as at 31 January 2021: Debtor Fol Amount L Simpson D1 R12 000 Marvel Ltd D2 R13 900 R Green D3 R9 600 Home Centre Ltd D4 R2 300 D Patel R16 500 D5 R54 300 O The Independent Institute of Education (Pty) Ltd 2021 Page 4 of 8 21 2021 Debtors Journal of Towel Talk - February 2021 DOC NO DATE DETAILS FOL DEBTORS SALES OUTPUT CONTROL VAT INV203 2 Marvel Ltd D2 17 250 2 2 250 15 000 INV204 8. Home Centre Ltd D4 24 150 3 150 21 000 INV205 12 L. Simpson D1 2 875 375 2 500 INV206 18 D. Patel D5 9 775 1 275 8 500 INV207 22 R. Green D3 1 093 143 950 INV208 24 L. Simpson D1 5 175 675 4 500 INV209 28 D. Patel D5 2 300 300 2 000 62 618 8 168 54 450 Debtors Allowances Journal of Towel Talk - February 2021 DOC NO DATE DETAILS FOL DEBTORS INPUT VAT SALES RETURNS CONTROL |CN45 Marvel Ltd D2 2 500 4 2 875 375 CN46 13 L. Simpson D1 575 75 500 CN47 23 R. Green D3 230 30 200 4 500 7 700 CN48 25 L. Simpson D1 5 175 675 8 855 1 155 Cashbook Receipts of Towel Talk - February 2021 DOC DATE DETAILS FOL BANK DEBTORS OUTPUT SALES SUNDRIES NO CONTROL VAT AMOUNT FOL DETAILS CR333 1 B. Pitt 20 700 2 700 18 000 CR334 7 3 795 495 3 300 Services H. Homer Rendered DR28 14 L. D1 8 000 8 000 Simpson CR335 19 Cash 27 600 3 600 24 000 DR29 23 D. Patel D5 24 961 24 961 DR30 26 L. D1 5 985 5 985 Simpson 91 041 38 946 6 795 42 000 3 300
General Journal of Towel Talk - February 2021 DOC DATE DETAILS FOL DEBIT CREDIT NO JV25 23 Sales 1143 Input VAT 171 Debtors Control/D. Patel D5 1314 (Settlement Discount of 5%) JV26 26 Sales 274 Input VAT 41 Debtors Control/L. Simpson D1 315 (Settlement Discount of 5%) JV27 28 Credit losses 23 000 Input VAT Debtors Control/Home 3 450 D4 26 450 Centre (Amount written off as irrecoverable) Debtors Control/Marvel Ltd JV28 28 D2 Interest Received (Interest for the month on overdue account at 10% per annum calculated on the month end balance) Additional information: The cheque received from L. Simpson on the 26" February in settlement of her account was returned by the bank marked R/D on the 28h February 2021. This transaction has not yet been recorded. The debtors control and debtors list was reconciled on the 31" January 2021
Transcribed Image Text:General Journal of Towel Talk - February 2021 DOC DATE DETAILS FOL DEBIT CREDIT NO JV25 23 Sales 1143 Input VAT 171 Debtors Control/D. Patel D5 1314 (Settlement Discount of 5%) JV26 26 Sales 274 Input VAT 41 Debtors Control/L. Simpson D1 315 (Settlement Discount of 5%) JV27 28 Credit losses 23 000 Input VAT Debtors Control/Home 3 450 D4 26 450 Centre (Amount written off as irrecoverable) Debtors Control/Marvel Ltd JV28 28 D2 Interest Received (Interest for the month on overdue account at 10% per annum calculated on the month end balance) Additional information: The cheque received from L. Simpson on the 26" February in settlement of her account was returned by the bank marked R/D on the 28h February 2021. This transaction has not yet been recorded. The debtors control and debtors list was reconciled on the 31" January 2021
Expert Solution
steps

Step by step

Solved in 2 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS