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Question 1 25 Marks The following transactions are from the books of Craig Investment as of 28 February 2022 Craig Investment test the accuracy
Question 1 25 Marks The following transactions are from the books of Craig Investment as of 28 February 2022 Craig Investment test the accuracy of its sales and purchase ledgers by preparing monthly control accounts. As at 01 March 2021 the following balances existed in the company's accounting records: Debtor's control Creditor's control DR 158 600 910 CR 580 68 800 The following are the totals of transactions which took place during 2022 financial year, as extracted from Craig Investment record. Credit Sales Credit Purchases Returns Inwards 250 700 92 000 8 900 Returns Outwards 3300 Cash deposited in the bank account 68 750 Cash received from credit customers 225 000 Cash received from cash customers 68 952 78 000 Cash paid to credit suppliers Cash paid to cash suppliers Refund from credit supplier Cash discounts allowed - Credit customer Cash discounts received - Credit supplier Direct deposit credit customer Irrecoverable debts written off Contra settlements 38 950 800 2 500 1 800 1 200 600 2000
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