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Question 5 (Marks: 10) You are provided with the following extracts (totals) of the subsidiary journals for Fit Traders for March 2020. Cashbook payments Bank
Question 5 (Marks: 10) You are provided with the following extracts (totals) of the subsidiary journals for Fit Traders for March 2020. Cashbook payments Bank R126 500 VAT Input Creditors control R75 000 Sundry accounts R35 000 R16 500 Creditors journal Creditors control R74 750 VAT Input Trading inventory R60 000 Sundry accounts R5 000 R9 750 Creditors allowances journal Creditors control VAT Output R25 300 Trading inventory R20 000 Sundry accounts R2 000 R3 300 The general journal reflects a transaction of R575 including 15% VAT that relates to a settlement discount that was received from a creditor. Required: Q.5.1 Prepare the creditors control account in the general ledge of Fit traders for March (10) 2020. Assume an opening balance of R30 000 Properly balance the account at the end of the month. END OF PAPER (TOTAL MARKS: 100)
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