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2. Gayle prepares monthly Receivables and Payables ledger control accounts. At November 1 2017 the following balances existed in the company's records. $ Receivables ledger
2. Gayle prepares monthly Receivables and Payables ledger control accounts. At November 1 2017 the following balances existed in the company's records. $ Receivables ledger control account 54,000 1,000 Payables ledger control account 200 43,000 The following information is extracted in November 2017 from the company's records $ 251,000 34,000 Credit sales Cash sales Credit purchases 77,000 29,000 Cash purchases 11,000 Credit sales returns 242,000 Amount received from credit customers Droous Credit sales Cash sales Credit purchases 251,000 34,000 77,000 29,000 Cash purchases 11,000 Credit sales returns 242,000 Amount received from credit customers 3,000 Credit purchases returns 500 Dishonoured cheques 74,000 Amount paid to credit suppliers 3,000 Cash discounts allowed 2,000 Cash discount received Focus Dishonoured cheques 500 Amount paid to credit suppliers 74,000 Cash discounts allowed 3,000 Cash discount received 2,000 1,000 Irrecoverable debts written off 1,200 Increase in allowances for receivables Interest charge to customers 1,400 800 Contra settlements At 30 November 2017 the balance in the receivables and payables ledger, as extracted, totalled: Dr. Cr. To be calculated 2,000 Receivables ledger balances 200 To be calculated Payables ledger balances You are required to: Prepared the receivables ledger control account and the payables ledger control account, for the month of November 2017. To determine, the closing debit and closing credit balances on the receivables ledger account and payables ledger control account respectively
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