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: Fol D1 D2 Debtor L Simpson Marvel Ltd R Green Home Centre Ltd D Patel D3 Amount R12 000 R13 900 R9 600 R2 300 R16 500 R54 300 D4 DS Debtors Journal of Towel Talk - February 2021 DOC NO DATE DETAILS OUTPUT SALES VAT 2 Marvel Ltd FOL DEBTORS CONTROL DZ 17 250 D4 24 150 D1 2 875 2 250 15 000 21 000 8 Home Centre Ltd 3 150 12 375 2500 INV203 INV204 INV205 INV206 INV207 INV208 L. Simpson D. Patel 18 D5 9775 1 275 8 500 22 D3 1 093 143 950 R. Green L Simpson 24 D1 5175 675 4 500 INV209 28 D. Patel DS 2 300 300 2000 62 618 8 168 54 450 INPUT VAT SALES RETURNS 2 500 D2 Debtors Allowances Journal of Towel Talk - February 2021 DOC NO DATE DETAILS FOL DEBTORS CONTROL CN45 4 Marvel Ltd 2875 CN46 13 L. Simpson 575 CN47 23 R. Green D3 CN48 25 L. Simpson D1 5175 8 855 375 75 Di 500 230 30 200 675 4 500 7700 1 155 SALES OUTPUT VAT SUNDRIES AMOUNT FOL DETAILS 2 700 18000 495 3300 Services Rendered Cashbook Receipts of Towel Talk - February 2021 DOC DATE DETAILS FOL BANK DEBTORS NO CONTROL CR333 1 B. Pitt 20 700 CR3347 H 3795 Homer DR28 14 L DI 8000 8000 Simpson CR335 19 Cash 27 600 DR 29 23 D. Patel DS 24 961 24961 DR30 26 L 01 5985 5985 Simpson 91 041 38 946 3600 24 000 6 795 42 000 3 300 General Journal of Towel Talk - February 2021 DATE DETAILS DOC FOL DEBIT CREDIT NO JV25 23 1143 171 Sales Input VAT Debtors Control/D. Patel (Settlement Discount of 5%) Sales DS 1 314 JV26 26 274 Input VAT 41 D1 315 JV27 28 23 000 3 450 D4 26 450 Debtors Control/L. Simpson (Settlement Discount of 5%) Credit losses Input VAT Debtors Control/Home Centre (Amount written off as irrecoverable) Debtors Control/Marvel Ltd Interest Received (Interest for the month on overdue account at 10% per annum calculated on the month end balance) JV28 28 D27 ? Additional information: The cheque received from L. Simpson on the 26" February in settlement of her account was returned by the bank marked R/D on the 28 February 2021. This transaction has not yet been recorded The debtors control and debtors list was reconciled on the 31" January 2021 Q.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) 21 2021 2.2.2 (20) Prepare the individual account of L. Simpson in the debtors ledger of Towel Talk for February 2021. (Round off to the nearest rand) Q.2.3 (13) Prepare the debtors list of Towel Talk as at 28 February 2021. (Round off to the nearest rand) (Show all workings)
