Question 3

Question 3 The following are the transactions of A. Sutherland for the month of January 2007: All amounts are 14% VAT inclusive, where applicable. Do all calculations to the nearest cen Question 3 1. (a) Record the above transactions in the following specialised journals: sales journal/debtors journal purchases journal/creditors journal cash receipts journal; and cash payments journal. Total the journals after the last transaction for the month. (b) Post the relevant transactions from the journals to the debtors ledger and creditors ledger. (c) Post from the journals to the relevant accounts in the general ledger. (d) Prepare the trial balance at 31 January as well as lists of balances from the debtors ledger and creditors ledger. (e) Agree the totals of the list of subsidiary ledger balances with the relevant control account totals on the trial balance. 2. Record the cash receipt and cash payment transactions in the cash book and compare this with cash receipts and cash payments journals. [20]