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Question - The following information has been extracted from the books of Delaney Paints for the month ended 30 November 2006.
Sales ledger balances at 1 November 2006 23,261
Purchase ledger balances at 1 November 2006 14,908
Credit sales 14,720
Credit purchases 11,804
Returns outwards 533
Returns inwards 260
Discounts received 42
Discounts allowed 77
Payments to credit suppliers 9,643
Receipts from credit customers 15,106
Customer's cheque dis-honored 102
Contra (debit balance set off from the sales ledger to the purchase ledger) 55
Required - Prepare a sales ledger control account and a purchase ledger control account. Balance each account at 30 November 2006 and bring down any balances.
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