31st
December, 2018.
N
Sales ledger, debit balance 1/1/2018 98,260
Sales ledger, credit balance 1/1/2018 2,370
Bought ledger, credit balance 1/1/2018 72,190
Bought ledger, debit balance 1/1/2018 4,210
Cash purchases 27,380
Cash sales 19,360
Accounts settled by contra 6,220
Bills dishonoured 7,500
Bills debts written off 5,260
Bills of exchange drawn on customers
34,730
Returns Inward 7,450
Returns Outwards 8,920
Cash received from debtors
689,230
Cash paid to suppliers 495,140
Discount Received 19,320
Discount Allowed
24,750
Cash refunded to customers 1,270
Sales ledger, debit balance 31/12/2018 120,570
Sales ledger, credit balance 31/12/2018 2,010
Bought ledger, debit balance 31/12/2018 3,340
Bought ledger, credit balance 31/12/2018 55,340
Show all necessary workings.
You are required to prepare:
(a)
Credit
Sales
(b)
Credit
Purchases
(c)
Total
Sales
(d)
Total
Purchases
(b) Mention five each items to be found in sales
ledger control account and purchases
ledger control account.
(c ) On
January 1, 2019 the sales ledger balance of Foyegbe was N12,000 debit while the
bought ledger balance was N4,850 credit.
The
following transactions took place in the month of January 2019.
N
Credit sales 175,900
Bad
debt 4,225
Dishonoured
cheque 6,250
Credit
purchases 90,300
Returns
inwards 7,850
Bills receivable 22,500
Cash received from debtors 78,000
Cash
paid to creditors 57,000
Discount
allowed 2,250
Discount
received 4,725
Cheques from debtors 37,500
Bills
payable 10,750
Debit balance in bought ledger
transferred
to sales ledger 1,300
Discounts allowed but
subsequently disallowed 750
Discounts received but
subsequently withdrawn 725
Required: Prepare:
(i)
Total
Debtors Account
(ii)
Total
Creditors Account
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