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2.2 Time left 1:36:46 Tyrell proves the accuracy of its sales and purchase ledgers by preparing monthly control accounts. At 1 May 2018 the following
2.2 Time left 1:36:46 Tyrell proves the accuracy of its sales and purchase ledgers by preparing monthly control accounts. At 1 May 2018 the following balances existed in the company's accounting records, and the control accounts agreed: Sales ledger control account N$1 88 360 (Dr) N$ 2 140 (Cr) Purchase ledger control account N$120 (Dr) N$ 89 410 (Cr) The following are the totals of transactions during May 2018, as extracted from the company's records. Credit sales 101,260.00 Credit purchases 68,420.00 Returns inwards 9.160.00 Returns outwards 4,280.00 Cash received from customers 91,270.00 Cash paid to suppliers 71,840.00 Cash discount allowed 1,430.00 Cash discount received 880.00 Irrecoverable debts written off 46.00 480.00 Contra settlement Required: Prepare the sales and purchases ledger control account showing the closing balances. (17)
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