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Please use Rands as your currency when giving the answer. Thank you QUESTION FOUR [15] S Louw runs an engineering business and keeps records for
Please use Rands as your currency when giving the answer. Thank you
QUESTION FOUR [15] S Louw runs an engineering business and keeps records for debtors and creditors in subsidiary ledgers. The following details were obtained from the accounting records for the month of April 2019: R 45 110 74 940 70 720 800 1720 Balance in the debtors ledger (1 April 2019) Balance of creditors ledger (1 April 2019) Receipts issued to debtors for payment of accounts Credit losses Cash paid to customers for over-payments Cash received from G Lucky, a debtor whose account was already closed and the debt written off as a credit loss. Credit sales Cash Sales Credit purchases Cash purchases EFTs issued to pay creditors accounts Returns to suppliers Settlement discounts granted to debtors Returns from customers Interest charged on overdue debtors accounts Interest charged by creditors 320 131 270 590 290 119 440 308 400 51 460 1 830 2 980 1 220 Additional information: 1. Credit sales of R480 were incorrectly recorded as R840. 2. An invoice of R800 for goods sold on credit was not recorded in the sales journal. Required: Prepare the following general ledger accounts properly balance/closed for Apa a) Debtors control account, b) Creditors control accountStep by Step Solution
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