Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please do asap A sales ledger control account and purchases ledger control account are maintained as integral parts of the accounting records of James Swift

please do asap

image text in transcribed

A sales ledger control account and purchases ledger control account are maintained as integral parts of the accounting records of James Swift Limited. The following information is relevant to the business of James Swift Limited for the year ended 30 November 2007 (1) Balances at 01 December 2006: Sales ledger $10,687 debit $ 452 credit Purchases ledger $ 1,630 debit $9,536 credit (ii) Sales totalled $130,382 whist sales returns amounted to $1,810 (iii) $127,900 was received from debtors in settlement of accounts totalling $130,650. In additions, $1,200 was received for a debt which had been written off as irrecoverable in the year ended 30 November 2006 (iv) A debt of $350 due from J Hancock was transferred to the purchases ledger and set off against a debt of $1,100 due to J Hancock. (v) An amount of $560 due to James Swift Limited for goods supplied to T Dick was written off as bad debts in November 2007. (vi) Purchases amounted to $99,000 at list prices and purchases returns totaled $600 at list prices. All purchases and purchases returns were subject to trade discount of 10%. (vii) $83,500 was paid to suppliers in settlement of debts due of $85,000. (viii) Balances at 30 November 2007 included Sales ledger $1.008 credit Purchases ledger $ 760 debit Required: Prepare the following accounts for the year ended 30 November 2007 in the books of James Swift Limited. (a) Sales Ledger Control (6) Purchases Ledger Control

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Information For Business Decisions

Authors: Billie Cunningham, Loren A. Nikolai, John Bazley

1st Edition

0030224292, 978-0030224294

More Books

Students also viewed these Accounting questions

Question

1. What physical and mental tasks does the worker accomplish?

Answered: 1 week ago

Question

5. Why is the job done?

Answered: 1 week ago

Question

4. How does the worker do the job?

Answered: 1 week ago