Following information has been extracted from the financial records of Gracey LLC. This business uses a mark up of 33.33

Total of Creditors control column in the CPJ

Payments 95,320

Discount received 4,600

Total of the Debtors' control column in the CPJ 6,800

Total of the Debtors control column in the CRJ

Receipts 58,790

Discount allowed 2,350

Total of the sales column in the Debtors' Journal 127,600

Total of the sales column in the CRJ 124,456

Total of columns in the Creditors' Journal:

Creditors' control 72,560

Trading stock 58,700

Consumable stores 3,450

Equipment 6,800

Stationery 3,610

Total of columns in the Creditors' Allowances Journal:

Creditors' control 8,600

Trading stock 8,150

Consumable stores 450

The following entries have not yet been recorded:

1

Sammy Wholesalers charged Gracy Traders interest on an overdue account of 12,500. Interest was charged at 15% p.a. for 4 months.

2

A credit balance of 2,600 for Kelly Traders in the Debtors Ledger must be transferred to his account in the Creditors Ledger

As an Accounts Payable Manager of Gracey Limited, you are required to:

Prepare a Creditors control account in the General Ledger of Gracey Limitedfor the month of October 2018

PREPARATION OF CREDITORS CONTROL ACCOUNT IN THE GENERAL LEDGER Following information has been extracted from the financial records of Gracey LLC. This business uses a mark up of Summary of transactions for October 2018 DESCRIPTION Total of Creditors control column in the CPJ Payments 95,320 Discount received 4,600 6,800 Total of the Debtors' control column in the CPJ Total of the Debtors control column in the CRJ Receipts 58,790 Discount allowed 2.350 Total of the sales column in the Debtors' Journal 127,600 Total of the sales column in the CRJ 124.456 Total of columns in the Crediters' Journal: Creditos control 72.560 Trading stock 58.700 Consumable stores 3.450 Equipment 6,800 Stationery 3.610 Total of columns in the Crediters' Allowances Journal: Creditors' control 8.600 Trading stock 8.150 Consumable stores 450 The following entries have not yet been recorded 1 Sammy Wholesalers charged Gracy Traders interest on an overdue account of 12.500, Interest was charged at 15% pa. for 4 months. ? A credit balance of 2.600 for Kelly Traders in the Debtors" Ledger must be transferred to his account in the Creditors Ledger As an Accounts Payable Manager of Gracey Limited, you are required to Prepare a Creditors' control account in the General Ledger of Gracey Limited for the month of October 2018