ACETIM SECTION B Instruction: Complete ALL questions. Question 1 The Right Place Enterprise is a liquor store in the Caribbean. It sells on credit and purchases goods on credit. The following information was taken from its books at the end of 2021 June Receivables balance at 2021 June 01 $ Payables balance at 2021 June 01 Cash and cheques-receivables Cash and cheques-payables Discounts allowed Discounts received Provision for bad debts Bad debts written off Cash sales Credit sales Cash purchases Credit purchases Returns inwards Returns outwards Balance in receivables ledger transferred to payables ledger 83 490 52 800 270 000 170.000 6350 7700 5 000 440 10.000 258 350 6000 154 000 1280 1600 200 1000 Credit balance on receivables ledger A. Prepare the Sales Ledger Control Account. (9 marks) B. Prepare the Purchases Ledger Control Account. (8 marks) C. What are THREE (3) uses of control accounts? (3 marks) (Total 20 marks)