You are provided with the following extracts (totals) of the subsidiary journals for Fit Traders for March 2020. Cashbook payments Bank Creditors control VAT Input |Sundry accounts R126 500 R75 000 R16 500 R35 000 Creditors journal Creditors control R74 750 VAT Input Trading inventory Sundry accounts R60 000 R9 750 R5 000 Creditors allowances journal Creditors control R25 300 Trading inventory R20 000 VAT Output Sundry accounts R2 000 R3 300 The general journal reflects a transaction of R575 including 15% VAT that relates to a settlement discount that was received from a creditor. Required: Q.5.1 Prepare the creditors control account in the generalledge of Fit traders for March 2020. Assume an opening balance of R30 000. Properly balance the account at the end of the month.
You are provided with the following extracts (totals) of the subsidiary journals for Fit Traders for March 2020. Cashbook payments Bank Creditors control VAT Input |Sundry accounts R126 500 R75 000 R16 500 R35 000 Creditors journal Creditors control R74 750 VAT Input Trading inventory Sundry accounts R60 000 R9 750 R5 000 Creditors allowances journal Creditors control R25 300 Trading inventory R20 000 VAT Output Sundry accounts R2 000 R3 300 The general journal reflects a transaction of R575 including 15% VAT that relates to a settlement discount that was received from a creditor. Required: Q.5.1 Prepare the creditors control account in the generalledge of Fit traders for March 2020. Assume an opening balance of R30 000. Properly balance the account at the end of the month.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:You are provided with the following extracts (totals) of the subsidiary journals for Fit Traders for
March 2020.
Cashbook payments
Bank
Creditors control
VAT Input
|Sundry accounts
R126 500
R75 000
R16 500
R35 000
Creditors journal
Creditors control
R74 750
VAT Input
Trading inventory
Sundry accounts
R60 000
R9 750
R5 000
Creditors allowances journal
Creditors control
R25 300
Trading inventory
R20 000
VAT Output
Sundry accounts
R2 000
R3 300
The general journal reflects a transaction of R575 including 15% VAT that relates to a settlement
discount that was received from a creditor.
Required:
Q.5.1
Prepare the creditors control account in the generalledge of Fit traders for March
2020. Assume an opening balance of R30 000.
Properly balance the account at the end of the month.
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