Quesrion 3

Creditors reconciliation

QUESTION 3 CREDITORS RECONCILIATION (20) The information given below was extracted from the records of Zebro Traders for May 2017. REQUIRED 3.1 Prepare the correct Creditors Control account for May 2017. Balance the account. 3.2 Prepare the corrected Creditors List as at 31 May 2017 2 INFORMATION Credit balance in the Creditors control account on 01 May 2017 Transactions for May 2017 (excluding the additional information below Merchandise purchased on credit Merchandise purchased by cheque Cheques issued to creditors in payment of accounts and discounts received Merchandise returned to creditors Stationery purchased on account Interest charged by a creditor on an overdue account R256 500 660 600 446 400 642 7 560 14 400 270 76