Create the purchases ledger control account

Assignment Help Financial Accounting

Reference no: EM132656882

The following balances appear in the books of Okatjandja Wheel is a distributor of specialised machinery owned by Liyerenge Fillipus for a business on 31 December 2018:

Cash balance 360

Balance at bank in favour of business 7 540

Debtors ledger control account 17 650

Creditors ledger control account 9 740

During the month of January 2019 the following transactions occur:

Jan 2 Received cheque from Debtor Alex 1 540

Allowed discount Debtor Alex 10

Received cheque from Debtor Ben 770

Allowed discount Debtor Ben 10

Paid by cheque- Creditor Elvis 470

Paid by cheque Creditor Flimon 2 640

Paid by cash - Creditor Gift 100

10 Paid cash - Salaries 250 18 Received - Cash sales 490

22 Received cheque from Debtor Chillan after deducting

contra account $ 500 2 500

Drew cash from bank 1 000

22 Paid wages out of cash 1 230

Paid petty cashier out of cash 250

Paid by cheque creditor Hanese 970

23 Received cheque Debtor Demo 80

31 Received cash - sales 570

Banked cash 350

Credit sales during month were 6 940 Returns and allowances to customers were 140

Bad debts written off were 100 Purchases during month were 4 960

Credits for packages returned to creditor were 150

Required to prepare:

Problem (a) Write up cash book with (four) 4 Column's Discounts, Creditors, Debtors, Cash and Bank.

Problem (b) (i) Purchases Ledger Control Account

(ii) Sales Ledger Control Account.

Reference no: EM132656882

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