Question
Jelani Limited maintain control of accounts in its business records. The balances and transactions relating to the company's control accounts for the month of June
Jelani Limited maintain control of accounts in its business records. The balances and transactions relating to the company's control accounts for the month of June 2021 are shown below balance at 1st June 2021
sales ledger 6485000 (debit) 52500 (Credit)
Purchase ledger 16500 (debit.) 4285000 (Credit).
Transactions during the month sales on credit 84152000
Purchases on credit 5687500 return inwards 203000 return outwards 284000 Bills of exchange payable 930000 Bills of exchange Receivable 615000 Cheque Received From 7985000 customers cheques paid to Suppliers 4732000 cash paid to suppliers 88500 bills payable dishonored 400000 charges on bills payable 10000 dishonored cash received from credit 153000 customers bad debts written off 64500 cash discounts written off 302000 bills receivable dishonored 88500 balances at 31st June 2021 sales ledger 44000(credit) purchases ledger 23500(debit) required
Prepare the sales ledger and purchase Ledger control accounts for the month of June 2021 and derive the respective debit and credit 2021 closing balances on 30th June 2021
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