You are the Accounts Assistant of Excellent Sdn Bhd. You have been asked to help in the preparation of financial statements by agreeing the figure for the total receivables. The following figures relating to the current financial year ended 30 November are obtained from the books of original entry. RM Purchases for the year 361,947 Sales 472,185 Returns inwards 41,226 Returns outwards 16,979 Bad debts written off 1,914 Discount allowed 2,672 Discount received 1,864 Cheques paid to payables 342,791 Cheques received from receivables 429,811 Customer’s cheque dishonoured 626 You discovered that the closing balance of the total receivables for the previous financial year ended 30 November amounted to RM50,241. Required: Prepare the Trade Receivables Control Account of Excellent Sdn Bhd for the current financial year ended 30 November.
Question 3 (a)
You are the Accounts Assistant of Excellent Sdn Bhd. You have been asked to help in the preparation of financial statements by agreeing the figure for the total receivables.
The following figures relating to the current financial year ended 30 November are obtained from the books of original entry.
|
|
RM |
|
Purchases for the year |
361,947 |
|
Sales |
472,185 |
|
Returns inwards |
41,226 |
|
Returns outwards |
16,979 |
|
|
1,914 |
|
Discount allowed |
2,672 |
|
Discount received |
1,864 |
|
Cheques paid to payables |
342,791 |
|
Cheques received from receivables |
429,811 |
|
Customer’s cheque dishonoured |
626 |
You discovered that the closing balance of the total receivables for the previous financial year ended 30 November amounted to RM50,241.
Required:
Prepare the Trade Receivables Control Account of Excellent Sdn Bhd for the current financial year ended 30 November.
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