Question 3 (Marks:30) The following information was taken from the books of Big Boy Traders. Most of the sales take place on credit. Debtors are given credit terms of 30 days. The business does not expect to award any settlement discounts. All settlement discounts are therefore incidental in nature. Additional information: 1 2 3. The incomplete Debtors Control account for the month of March 2019 has been provided to you below. You have also been provided with a Debtors list. This list reflects all amounts owing by the debtors at 31 March 2019. The following errors/omissions were noted: The total of the Debtors Journal was over-cast by R 150. A return of goods by D. Dagwood for R870 including VAT was correctly recorded in the journal but posted to the account of E. Egghead. An invoice issued to D. Dagwood for R4 200 has been posted to the wrong side of his personal account No entry has been made for a cheque for R1 500 which was returned by the bank due to insufficient funds. The cheque was originally received from A. Apples in settlement of an account for R1 750. A credit note issued to A. Apples for R 540 has been incorrectly entered in her personal account as R 450. Goods sold on credit to E. Egghead for R1 870 including VAT have been incorrectly entered in the Debtors Journal as a sale to D. Dagwood and posted as such General Ledger of Big Boy Traders Statement of financial position accounts section Cr Dr Date Details Balance Fol. Amount 20 000 2019 b/d Debtors Control Fol. Amount Date Details 10 000 2019 Bank March 31 35 000 Sales and VAT March 1 450 Sales and VAT Sales 2 400 Bank (R/D) 430 returns and VAT 20 250 Interest Income Credit Losses and VAT Pre-adjusted Balance(R) 5 400 Debtors List as at 31 March 2019 Debtor A. Apples D. Dagwood E. Egghead F. Fudge 8 600 (690)Cr 2 200 (19) Required: Q.3.1 Prepare a corrected Debtors Control account using the information provided above. (Note: The opening balance of R10 000 is incorrect.) Q.3.2 (11) Prepare a corrected debtors list. (Show all workings as marks will be allocated.) Question 3 (Marks:30) The following information was taken from the books of Big Boy Traders. Most of the sales take place on credit. Debtors are given credit terms of 30 days. The business does not expect to award any settlement discounts. All settlement discounts are therefore incidental in nature. Additional information: 1 2 3. The incomplete Debtors Control account for the month of March 2019 has been provided to you below. You have also been provided with a Debtors list. This list reflects all amounts owing by the debtors at 31 March 2019. The following errors/omissions were noted: The total of the Debtors Journal was over-cast by R 150. A return of goods by D. Dagwood for R870 including VAT was correctly recorded in the journal but posted to the account of E. Egghead. An invoice issued to D. Dagwood for R4 200 has been posted to the wrong side of his personal account No entry has been made for a cheque for R1 500 which was returned by the bank due to insufficient funds. The cheque was originally received from A. Apples in settlement of an account for R1 750. A credit note issued to A. Apples for R 540 has been incorrectly entered in her personal account as R 450. Goods sold on credit to E. Egghead for R1 870 including VAT have been incorrectly entered in the Debtors Journal as a sale to D. Dagwood and posted as such General Ledger of Big Boy Traders Statement of financial position accounts section Cr Dr Date Details Balance Fol. Amount 20 000 2019 b/d Debtors Control Fol. Amount Date Details 10 000 2019 Bank March 31 35 000 Sales and VAT March 1 450 Sales and VAT Sales 2 400 Bank (R/D) 430 returns and VAT 20 250 Interest Income Credit Losses and VAT Pre-adjusted Balance(R) 5 400 Debtors List as at 31 March 2019 Debtor A. Apples D. Dagwood E. Egghead F. Fudge 8 600 (690)Cr 2 200 (19) Required: Q.3.1 Prepare a corrected Debtors Control account using the information provided above. (Note: The opening balance of R10 000 is incorrect.) Q.3.2 (11) Prepare a corrected debtors list. (Show all workings as marks will be allocated.)