Prepare the sales ledger control account and the purchases ledger control account for the half-year to 31
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Prepare the sales ledger control account and the purchases ledger control account for the half-year to 31 December 2016
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Sales ledger balances, 1 July 2016 - Debit - Credit 20,040 56 Purchases ledger balances, 1 July 2016 - Debit 12 - Credit 14,860 Activities during the half-year to 31 December 2016: Payments to trade accounts payable Cheques from credit customers 93,685 119,930 Purchases on credit Sales on credit Bad debts written off Discounts allowed Discounts received Returns inwards 95,580 124,600 204 3,480 2,850 1,063 Returns outwards Sales ledger credit balances at 31 December 2016 240 37 26 Purchases ledger debit balances at 31 December 2016 During the half-year, debit balances in the sales ledger, amounting to 438, were transferred to the purchases ledger.
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Related Book For
Frank Woods Business Accounting Volume 1
ISBN: 9781292084664
13th Edition
Authors: Alan Sangster, Frank Wood
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