Information: 2022 May 01 31 June 01 Balance Sales Balance b/d SJ5 A Alexender J Mbeki...
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Information: 2022 May 01 31 June 01 Balance Sales Balance b/d SJ5 A Alexender J Mbeki S Khumalo J Henry M Smith b/d Debtor's List as at May 2022 Debtor DEBTORS CONTROL ACCOUNT 114 642 63 000 177 642 80 388 2022 May 31 Debit (R) 6 336 5 040 11 340 57 360 80 076 Bank and discount Sales returns Balance Credit (R) 480 480 CRJ5 SRJ5 c/d 93 762 3 492 80 388 177 642 The following errors and omissions were discovered after the above were drawn up: 1. The opening balance in the debtors control account should have been R114 462. 2. The account of S. Khumalo is two months overdue. Interest must be charged at 20% p.a. 3. The debtors column in the cash receipts journal was undercast by R1 800. 4. A return of goods by M. Smith for R414 as per credit note number 26 was erroneously entered in his account as a credit sale and the balance was calculated as such. 5. No entry has been made for a cheque for R5 940 that was returned by the bank marked R/D insufficient funds. The cheque was previously received from debtor L Kramer in settlement of a debt of R5 940. The account must also be written off as L Kramer cannot be traced. 6. A credit sale of R3 060 to J Mbeki was incorrectly posted to the account of A Alexander. 7. A credit note issued to A Alexander for R8 940 for goods returned by him was incorrectly posted to his account in the debtors ledger as R8 580. Required: Prepare the Debtor's List as at 31 May 2022 (show all workings, a control account is not required) Information: 2022 May 01 31 June 01 Balance Sales Balance b/d SJ5 A Alexender J Mbeki S Khumalo J Henry M Smith b/d Debtor's List as at May 2022 Debtor DEBTORS CONTROL ACCOUNT 114 642 63 000 177 642 80 388 2022 May 31 Debit (R) 6 336 5 040 11 340 57 360 80 076 Bank and discount Sales returns Balance Credit (R) 480 480 CRJ5 SRJ5 c/d 93 762 3 492 80 388 177 642 The following errors and omissions were discovered after the above were drawn up: 1. The opening balance in the debtors control account should have been R114 462. 2. The account of S. Khumalo is two months overdue. Interest must be charged at 20% p.a. 3. The debtors column in the cash receipts journal was undercast by R1 800. 4. A return of goods by M. Smith for R414 as per credit note number 26 was erroneously entered in his account as a credit sale and the balance was calculated as such. 5. No entry has been made for a cheque for R5 940 that was returned by the bank marked R/D insufficient funds. The cheque was previously received from debtor L Kramer in settlement of a debt of R5 940. The account must also be written off as L Kramer cannot be traced. 6. A credit sale of R3 060 to J Mbeki was incorrectly posted to the account of A Alexander. 7. A credit note issued to A Alexander for R8 940 for goods returned by him was incorrectly posted to his account in the debtors ledger as R8 580. Required: Prepare the Debtor's List as at 31 May 2022 (show all workings, a control account is not required)
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Answer rating: 100% (QA)
Answer To prepare the Debtors List as at 31 May 2022 we need to correct the errors and omissions lis... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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