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Prepare the purchases ledger control account

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Reference no: EM132654212

Question - The following balances were extracted from the books of Shilongo Traders on 1 January

2020.

Dr Cr

Purchases Ledger 1 912 83 025

Sales Ledger 130 905 1 940

In the month of January 2020, the following transactions were made:

Debit balance on Sales Ledger transferred to Purchases Ledger 4 956

Debtor's cheque dishonoured 1 908

Sales on credit 133 650

Credit purchases 96 645

Returns outwards to credit suppliers 3 795

Returns inwards from credit customers 1 590

Cash sales 19 005

Cash purchases 10 913

Discount allowed 1 305

Discount received 1 600

Allowance for credit losses 474

Payments to credit suppliers 81 540

Receipts from credit customers 127 385

Refund to customer for overpayment 600

At 1 February 2020, the following information was available:

Purchases Ledger debit balances 480

Sales Ledger credit balances 787

Required:

(a) Prepare the Purchases Ledger Control Account for the month of January 2020.

(b) Sales Ledger Control Account for the month of January 2020.

(c) Explain six advantages of using control accounts.

Reference no: EM132654212

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