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CONFIDENTIAL Questions The following balances were extracted from the books of Alloy Ltd on 1 January 2019. Dr Cr E Purchases Ledger 1,912 83,025 Sales

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CONFIDENTIAL Questions The following balances were extracted from the books of Alloy Ltd on 1 January 2019. Dr Cr E Purchases Ledger 1,912 83,025 Sales Ledger 130,905 1,940 In the month of January 2019, the following transactions were made: E Debit balance on Sales Ledger transferred to Purchases Ledger 4,956 Debtor's cheque dishonoured 1,908 Legal fees charged to customer 300 Sales on credit 133,650 Credit purchases 96,645 Returns outwards to credit suppliers 3,795 Returns inwards from credit customers 1.590 Cash sales 19,005 Cash purchases 10,913 Discount allowed 1,305 Discount received 1,600 Bad debts written oft 474 Payments to credit suppliers 81,540 Receipts from credit customers 127,385 Refund to customer for overpayment 600 At 1 February 2019, the following information was available: Purchases Ledger debit balances 480 Sales Ledger credit balances 787 The provision for doubtful debts is to be 2% of debtors at 31 January REQUIRED (a) Prepare for the month of September 2018 the: (1) Purchases Ledger Control Account (9 marks) ) Sales Ledger Control Account (12 marks) (b) Extracted Financial Position (4 marks) (Total 25 marks) END OF QUESTION PAPER ACC 1023 OIBA FER 2021

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