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6. Mr Pink Sheet, a sole trader, keeps her books so that a Sales and Purchases Ledger Control Accounts are shown in her ledger
6. Mr Pink Sheet, a sole trader, keeps her books so that a Sales and Purchases Ledger Control Accounts are shown in her ledger and balanced at the end of each month. From the following details, show how these two control accounts will appear in the general ledger for the month of May, 2013. 2013 May Debit balances in the Sales Ledger Debit balances in the Purchases Ledger Credit balances in the Sales Ledger Credit balances in the Purchases Ledger May 31 Sales Journal Purchases Journal Sales Returns and Allowances to debtors Purchases Returns and Allowances from creditors Cash received from trade debtors Bad debts recovered Cheques received from trade debtors Discount received from creditors GHC 13,500,000 115,000 300,000 12,000,000 20,000,000 17,500,000 360,000 200,000 7,500,000 16,000 15,000,000 Allowances to cash customers Payments made to trade creditors Discount allowed to trade debtors Bad debts written off Provision for doubtful debts Bills of exchange accepted by trade debtors Bills of exchange accepted by Pink Sheet Sales Ledger balances transferred to purchases ledger 11 120,000 124,600 16,400,000 360,000 50,000 200,000 4,300,000 6,600,000 80,000 Refunds to customers for over payment 128,000 Cash purchases 3,000,000 Dishonoured bills payable 130,000 Carriage outwards 186,200 Dishonoured bills receivable 150,000 Interest Charged on overdue debt 54,000 Credit balances in the Sales Ledger 195,000 Debit balances in the Purchases Ledger 180,000
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