Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help. repare the correct Creditors Control account (balanced) for March 2023. (8 marks) INFORMATION The followina transactions of ABC Traders have been recorded for

image text in transcribed

Please help.

image text in transcribed

repare the correct Creditors Control account (balanced) for March 2023. (8 marks) INFORMATION The followina transactions of ABC Traders have been recorded for March 2023: Additional information to record: - A creditor's account with a credit balance of R300 in the creditors ledger must be transferred to the account of the same creditor in the debtors ledger. A credit note received from a creditor for a return of goods was not recorded, R400. A payment to a creditor (included in the R80 000 above) was recorded as R5 500 instead of R5 000 in the cash payments journal and posted accordingly. ABC Traders was charged interest for one month at 18% per annum on an overdue account of R3 000 . Prepare the correct Creditors Control account (balanced) for March 2023. (8 marks) INFORMATION The following transactions of ABC Traders have been recorded for March 2023 : Additional information to record: - A creditor's account with a credit balance of R300 in the creditors ledger must be transferred to the account of the same creditor in the debtors ledger. A credit note received from a creditor for a return of goods was not recorded, R400. A payment to a creditor (included in the R80 000 above) was recorded as R5 500 instead of R5 000 in the cash payments journal and posted accordingly. ABC Traders was charged interest for one month at 18% per annum on an overdue account of R3000

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

The Iso 9000 Auditors Companion

Authors: Kent A. Keeney

1st Edition

0873893247, 978-0873893244

More Books

Students also viewed these Accounting questions

Question

Discuss the key people management challenges that Dorian faced.

Answered: 1 week ago

Question

How fast should bidder managers move into the target?

Answered: 1 week ago