Question 2 (Marks: 50) The following information was taken from the books of Towel Talk for January and February 2021: List of balances in the Debtors Ledger of Towel Talk as at 31 January 2021: Debtor Fol L Simpson D1 Amount R12 000 R13 900 D2 Marvel Ltd R Green Home Centre Ltd D3 R9 600 D4 R2 300 D Patel DS R16 500 R54 300 OUTPUT SALES SUNDRIES AMOUNT VAT FOL DETAILS 2700 18 000 495 3300 Services Rendered Cashbook Receipts of Towel Talk - February 2021 DOC DATE DETAILS FOL BANK DEBTORS NO CONTROL CR3331 B. Pit 20 700 CR3347 H 3795 Homer DR28 14 8000 8000 Simpson CR33519 Cash 27 600 DR29 23 D. Patel D5 24961 24 961 DR30 26 L D1 5985 5985 Simpson 91041 38 946 01 3 600 24 000 6 795 42 000 3300 Debtors Journal of Towel Talk - February 2021 DOC NO DATE DETAILS FOL DEBTORS OUTPUT SALES CONTROL VAT INV203 2 Marvel Ltd D2 17 250 2 250 15 000 INV204 & Home Centre Ltd D4 24 150 3 150 21 000 INV205 12 DI 375 2500 L Simpson D. Patel 2 875 9775 INV206 18 D5 1 275 8500 INV207 22 R. Green D3 1093 143 950 INV208 24 DI 5175 675 4500 L Simpson D. Patel INV209 28 D5 2 300 300 2 000 62 618 8 168 54 450 Debtors Allowances Journal of Towel Talk - February 2021 DOC NO DATE DETAILS FOL DEBTORS INPUT VAT SALES CONTROL RETURNS CN45 4 Marvel Ltd D2 2875 375 2 500 CN46 13 DI 575 75 500 CN47 23 L Simpson R. Green L Simpson D3 230 30 200 CN48 25 D1 5 175 675 4 500 8 855 1 155 7700 General Journal of Towel Talk - February 2021 DOC DATE DETAILS NO FOL DEBIT CREDIT JV25 23 Sales 1143 Input VAT 171 DS 1 314 Debtors Control/D. Patel (Settlement Discount of 596) Sales JV26 26 274 Input VAT 41 D1 315 Debtors Control/L. Simpson (Settlement Discount of 5%) Credit losses JV27 28 23 000 Input VAT 3 450 Debtors Control/Home D4 26 450 Centre (Amount written off as irrecoverable) ? JV28 28 DZ ? Debtors Control/Marvel Ltd Interest Received (Interest for the month on overdue account at 10% per annum calculated on the month end balance) Additional information: The cheque received from L. Simpson on the 26th February in settlement of her account was returned by the bank marked R/D on the 28th February 2021. This transaction has not yet been recorded The debtors control and debtors list was reconciled on the 31" January 2021 0.2.1 (17) Open, post to and balance the debtors control account in the general ledger of Towel Talk for February 2021. (Round off to the nearest rand) 0.2.2 (20) Prepare the individual account of L. Simpson in the debtors ledger of Towel Talk for February 2021. (Round off to the nearest rand) 0.2.3 (13) Prepare the debtors list of Towel Talk as at 28 February 2021. (Round off to the nearest rand) (Show all workings)
