Question 1 The Right Place Enterprise is a liquor store in the Caribbean. It sells on credit and purchases goods on credit. The following information was taken from its books at the end of 2021 June:

Receivables balance at 2021 June 01 83 490

Payables balance at 2021 June 01 52 800

Cash and cheques receivables 270 000

Cash and cheques payables 170 000

Discounts allowed 6 350

Discounts received 7 700

Provision for bad debts 5 000

Bad debts written off 440

Cash sales 10 000

Credit sales 258 350

Cash purchases 6 000

Credit purchases 154 000

Returns inwards 1 280

Returns outwards 1 600

Balance in receivables ledger transferred to payables ledger 200

Credit balance on receivables ledger 1 000 Requirement

A. Prepare the Sales Ledger Control Account.

B. Prepare the Purchases Ledger Control Account.