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20.4 Nova 30 Bank Purchases returns Creditors control 20.4 20 200 Nov Balance 4283 Total 8108 purchases 40336 Sundry accounts Sundry accounts 3520 1300 Balance
20.4 Nova 30 Bank Purchases returns Creditors control 20.4 20 200 Nov Balance 4283 Total 8108 purchases 40336 Sundry accounts Sundry accounts 3520 1300 Balance 16 079 16 079 Dec Balanc 1 e bld This was marked 5/10. Question 6.5 REQUIRED Show the creditors control account on 30 November 20.4 taking into account all the information given. INFORMATION On 1 November 20.4, the creditors control account of Bufin Traders showed a balance of R4 283. The following totals of monthly reports were provided on 30 November 20.4 (before any corrections were made): 12 600 42 700 20 200 Purchases in the cash payments report) Purchases in the purchases report) Creditors control in the cash payments report) Totals of entries for creditor's accounts in general journal: Debits Credits Information regarding credit notes: Credit notes received Credit notes issued 3520 1 300 7 108 6 200 The following mistakes and omissions occurred: 1. An invoice for R1 400, received from Lundi Shops, was posted to the account of Wundi Traders in the creditors ledger. Bufin Traders decided to transfer the account of a creditor with a debit balance of R244, to the debtors ledger. No entry has been made. An invoice of R2 200 for inventory purchased on credit from Delaware Wholesalers was incorrectly entered in the general journal as R2 020 Purchases from Gerasi Traders to the amount of R500 was returned and entered correctly in the journal, but posted to the account of Gerasi Traders as purchases Trade discount on inventory purchased was not taken into account. The mistake was detected with the receipt of the statement from the creditor. The correct amount of the invoice was R16 200 after 10% trade discount was allowed
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