The following is a list of balances relating to Phiri Properties Ltd during 2024. The company maintains a memorandum debtors and creditors ledger in which the individual account of customers and suppliers are maintained. These were as follows: Debit balance in debtors account 01/01/2024 66,300 Credit balance in creditors account 01/01/2024 50,600 Sunday credit balance on debtors ledger Goods purchased on credit 724 257,919 Goods sold on credit Cash received from debtors Cash paid to suppliers Discount received Discount allowed Cash purchases Cash sales Bad Debts written off Interest on overdue account of customers 323,614 299,149 210,522 2,663 2,930 3,627 5,922 3,651 277 Returns outwards 2,926 Return inwards 2,805 Accounts settled by contra between debtors and creditors ledgers 1,106 Credit balances in debtors ledgers 31/12/2024. 815 Debit balances in creditors ledger 31/12/2024.698 Required: Prepare the debtors control account as at 31/12/2024. Prepare the creditors control account as at 31/12/2024
The following is a list of balances relating to Phiri Properties Ltd during 2024.
The company maintains a memorandum debtors and creditors ledger in which the individual account of customers and suppliers are maintained.
These were as follows:
Debit balance in debtors account 01/01/2024
66,300
Credit balance in creditors account 01/01/2024
50,600
Sunday credit balance on debtors ledger
Goods purchased on credit
724
257,919
Goods sold on credit
Cash received from debtors
Cash paid to suppliers
Discount received
Discount allowed
Cash purchases
Cash sales
Bad Debts written off
Interest on overdue account of customers
323,614
299,149
210,522
2,663
2,930
3,627
5,922
3,651
277
Returns outwards 2,926
Return inwards 2,805
Accounts settled by contra between debtors and creditors ledgers 1,106
Credit balances in debtors ledgers 31/12/2024. 815
Debit balances in creditors ledger 31/12/2024.698
Required:
- Prepare the debtors control account as at 31/12/2024.
- Prepare the creditors control account as at 31/12/2024
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