QUESTION 2 Jane Lee maintains double-entry records; she has supplied the following information: RM Creditors at 30 June 2009 33,000 RM Creditors at 30 June 2010 Debtors at 30 June 2009 63,620 Debtors at 30 June 2010 ? Additional information for the year ended 30 June 2010: Cash received from debtors 438,000 Cash sales Credit sales Cash paid to creditors Discount allowed Discount received Cash purchases Sales ledger contra/Purchases ledger contra 5,000 Credit purchases Returns inwards Returns outwards Required: 83,800 462,654 216,940 3,800 1,490 52,200 228,490 1,000 3,000 (a) Prepare for the year ended 30 June 2010 the: (b) (i) Sales Ledger Control Account (ii) Purchases Ledger Control Account. Suggest five reasons why there may be a difference between the Purchase Ledger balances and a Ledger Control Account balance.