Accounting Equation and General Ledger $[56$ marks, $58$ minutes$]$

Question $5\mathrm{.}1$

$[23$ marks, $28$ minutes$]$

You are provided with the journal totals for the month of May $2022,$ of

Lovely Gifts, a gift shop. They work on a profit mark$-$up of $60\%$ on cost

price.

REQUIRED:

$5\mathrm{.}1\mathrm{.}1$ Open the relevant General ledger accounts with the following

balances, and transfer the journal totals below to the indicated accounts.

a$)$ Bank, R$16400($Credit$)$

b$)$ Debtors control, R$13000($Debit$)$

c$)$ Creditors Control, R$32200($Credit$)$

d$)$ Cost of Sales, R$74000($debit$)$

INFORMATION:

Journal totals of Lovely Gifts for the month of May $2022.$

GENERAL LEDGER OF LOVELY GIFTS BALANCE SHEET ACCOUNT SECTION

BANK

$\backslash$table$[[,,,,,$May,$1,$Balance,b$/$d$,16400],[,,,,,,,,,],[,,,,,,,,,],[,,,,,,,,,],[,,,,,,,,,]]$

$(4)$

DEBTORS CONTROL

$\backslash$table$[[$May$,1,$Balance,b$/$d$,13000,,,,,],[,,,,,,,,,],[,,,,,,,,,],[,,,,,,,,,],[,,,,,,,,,],[,,,,,,,,,]]$

$(8)$

CREDITORS CONTROL

$\backslash$table$[[,,,,,$May,$1,$Balance,b$/$d$,32200],[,,,,,,,,,],[,,,,,,,,,],[,,,,,,,,,],[,,,,,,,,,]]$

$(6)$ NOMINAL ACCOUNT SECTION

COST OF SALES

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