Question 3 25 Marks The following information was extracted from Katutura Trading for the year ended 31 January 2020. From the information below you are required to draw up a debtors (sales) and creditors (purchases) control account and determine the opening balances as on the 01 February 2020. Katutura Trading had the following balances on the 1st March 2019: Debtors N$ 2 400 Dr and N$ 120 Cr, while Creditors N$ 540 Dr and N$ 4 680 Cr. Katutura Trading sells and purchases shoes on credit as well as on cash. Sales amounted to N$ 138 600. The ratio of credit to cash sales was 3:1. Purchases amounted to N$ 88 700. The ratio of credit to cash purchases was 3:2. Total receipt from Debtors equal to N$ 94 650. Payment to creditors N$ 85 480. Returns equal N$ 220 Dr and 500 Cr. Debtors that were owed by Katutura Trading was refunded on 31 January 2020. The creditors that were owing Katutura Trading refunded on 31 January 2020. One of the customer cannot be traced and the amount was written off as bad debts, N$ 250. An amount of N$ 600 was set-off as a settlement of an outstanding balance. Discounts amounted to N$ 800 Dr and N$ 1 000 Cr. An Electronic Fund Transfer (EFT) by a customer was never reached Katutura Trading bank account, the amount was N$ 50.