Question 2 The following balances were extracted from the books of Sandy Ltd on 1 September 2012: A. Purchases Ledger Sales Ledger B. In the month of September 2012, the following transactions occurre Debit balance on Sales Ledger transferred to Purchases Ledger Cash purchases Discount allowed Discount received Bad debts written off Debtor's cheque dishonoured Legalfees for debt collection charged to customer's account Credit sales Credit purchases Returns outwards to credit suppliers Returns inwards from credit customers Payments to credit suppliers Receipts from credit customers Refund to credit customer for overpayment Cash sales REQUIRED Dr $ Additional information at 1 October 2012: Purchases Ledger debit balances Sales Ledger credit balances 2,500 88,120 Prepare for the month of September 2012 the: i. Purchases Ledger Control Account ii. Sales Ledger Control Account. StateTHREE (3) functions of Control Accounts Cr $ 57,200 1,450 3,300 8,240 1,200 200 89,700 64,430 2,530 1,060 870 600 315 54,360 84,910 500 13,200 480 620 (7.5 marks) (10.5 marks) (2 marks) (Total 20 marks)