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Control accounts

TTariro4y ago
QUESTION 12 a) The following information was taken from the books of Tafadzwa Dealers, a sole proprietorship for the month of December 2018. $ Balances at 1st December Debtors Ledger debit 42 500 Debtors Ledger credit 1 600 Creditors Ledger Credit 19 200 Creditors Ledger debit 510 Credit Sales 111 200 Credit Purchases 86 400 Cash Sales 37 160 Cash Purchases 22 500 Provision for doubtful debts 1 800 Cash received from debtors 103 600 Cash paid to creditors 82 700 Purchases Returns 3 600 Sales Returns 4 200 Cash Discount Received 5 150 Bad debts written off 1 700 Discount Allowed 6 400 Contras” between Debtors & Creditors Ledger 2 600 Provision for Discount Allowed 1 800 Balance at 31st December 2018 Debtors Ledger (Credit) 800 Creditors Ledger (Debit) 350 REQUIRED: Prepare for the month of December 2018, the Debtors Ledger Control and Purchases Ledger Control accounts. [12]
John MoffatJohn MoffatTutor4y ago#1
Please do not simply type out a full question and expect to be provided with a full answer. You must have an answer in the same book in which you found the question, so ask about whatever it is in the answer that you are not clear about and then I will explain. Everything needed to answer this question is covered in my free lectures on Control Accounts (and I actually work through a very similar example to this one). The lectures are a complete free course for Paper FA and cover everything needed to be able to pass the exam well. (Obviously you cannot be asked to prepare the accounts in the exam, but you are expected to understand each of the necessary entries.)
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