From the following data, prepare control accounts for both the purchases ledger and the sales ledger and
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From the following data, prepare control accounts for both the purchases ledger and the sales ledger and ascertain the closing balances on each ledger at the end of the month.
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2024 1 January Purchases ledger balances 3,490 1 January Sales ledger balances 3,955 Totals for January: Sales daybook 64,217 Purchases daybook 46,959 Cheques and cash paid to suppliers 38,766 Discounts received 1,899 Sales ledger balances set-off against purchases ledger balances Discounts allowed 2,430 1,000 1,240 619 Returns outwards daybook Irrecoverable debts Returns inwards daybook 1,900 Cash and cheques received from customers 54,333 31 January Purchases ledger balances ? 31 January Sales ledger balances ?
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