Question Two The following is Mr Ade's Sales ledger control account for July 2020 Dr N Bal b/d 48,020 Bal b/d Credit Sales 738,430 Returns Inwards Cash Discount Allowed Bad Debt Written Off Contra/Set off Bal c/d 786.400 Bal b/d 375,370 Cr N 1,450 9,100 385,290 12,000 1,150 2,090 375,370 786,450 Required: i. Explain the significance of control accounts? ii. Discuss one limitation of using control account iii. What are the implications of the contra entry and the opening credit balance in the control account above iv. State and briefly explain two (2) items (relevant to sales and receivables) that should not be recorded in the Sales ledger control account