Debtors control account of Gandawa investment for may 2017

(25 marks) Question 1 The following details were obtained from the books of Gandawa Investments, a registered VAT vendor, for May 2017, (all amounts include VAT where applicable) Balance in the creditors ledger (1 May 2017) (Note: all goods sold were standard-rated) R31 500.00 R17 460.00 R2 430.32 D R42 530.21 R35 401.45 R76 345.32 R1 465.33 R145 305.54 R23 860.49 Balance in the debtors ledger (1 May 2017) Total of the sales returns column in the debtors allowances journal Total of the debtors column in the cashbook receipts Total of the creditors column in the cashbook payments Total of creditors column in the creditors journal Total of creditors column in the creditors allowances journal Total credit sales of merchandise Total cash sales of merchandise Settlement discount received from creditors in the general journal R5 035.23 Settlement discount granted to debtors in the general journal R8965.30 Settlement discount (previously granted to debtors) cancelled Interest charged on overdue debtors accounts R2 045.26 R213.60 R41.29 R6 940.21 Interest collected by creditors Debtor's balance written off as irrecaverable Cheque received from debtors, returned by the bank marked "R/D" R468.00 Cash recovered from Zamani (his account was already closed and R3 543 67 debt was written off) Cash purchases- packing materials Cash purchases-merchandise R3 350.32 R12 605.44 Required Prepare the following closed accounts in the general ledger of Gandawa Investments for May 2017: 1.1. 1.2. Debtors control account Creditors control account (14% marks) (10 marks) NB: All postings may be dated 31 May 2017 and where applicable round your answers to two decimal places