Question
The financial year of the OK Trading Company ended on 30 th November 2007. You have been asked to prepare a Total Debtors Account and
The financial year of the OK Trading Company ended on 30th November 2007. You have been asked to prepare a Total Debtors Account and a Total Creditors Account in order to produce end-of-year figures for Debtors and Creditors for the draft final accounts.
You are able to obtain the following information for the financial year from the books of original entry:
| Sh. |
Sales (all on credit) | 268,187 |
Purchases (all on credit) | 496,000 |
Receipts from customers | 255,680 |
Payment to suppliers | 489,000 |
Discounts allowed | 5,520 |
Balance in the sales ledger set off against balance |
|
In the purchase ledger | 70 |
Bad debts written off | 780 |
Increase in the provision for bad debts | 90 |
Credit notes issued to credit customers | 4,140 |
Credit notes received from credit suppliers | 1,480 |
According to the audited financial statement for the previous year debtors and creditors as at 1st November 2006 were Sh. 26,555 and Sh. 43,450 respectively.
REQUIRED:
Draw up the relevant Total Accounts entering end-of-year totals for debtors and creditors.
The financial year of the OK Trading Company ended on 30th November 2007. You have been asked to prepare a Total Debtors Account and a Total Creditors Account in order to produce end-of-year figures for Debtors and Creditors for the draft final accounts.
You are able to obtain the following information for the financial year from the books of original entry:
| Sh. |
Sales (all on credit) | 268,187 |
Purchases (all on credit) | 496,000 |
Receipts from customers | 255,680 |
Payment to suppliers | 489,000 |
Discounts allowed | 5,520 |
Balance in the sales ledger set off against balance |
|
In the purchase ledger | 70 |
Bad debts written off | 780 |
Increase in the provision for bad debts | 90 |
Credit notes issued to credit customers | 4,140 |
Credit notes received from credit suppliers | 1,480 |
According to the audited financial statement for the previous year debtors and creditors as at 1st November 2006 were Sh. 26,555 and Sh. 43,450 respectively.
REQUIRED:
Draw up the relevant Total Accounts entering end-of-year totals for debtors and creditors.
The financial year of the OK Trading Company ended on 30th November 2007. You have been asked to prepare a Total Debtors Account and a Total Creditors Account in order to produce end-of-year figures for Debtors and Creditors for the draft final accounts.
You are able to obtain the following information for the financial year from the books of original entry:
| Sh. |
Sales (all on credit) | 268,187 |
Purchases (all on credit) | 496,000 |
Receipts from customers | 255,680 |
Payment to suppliers | 489,000 |
Discounts allowed | 5,520 |
Balance in the sales ledger set off against balance |
|
In the purchase ledger | 70 |
Bad debts written off | 780 |
Increase in the provision for bad debts | 90 |
Credit notes issued to credit customers | 4,140 |
Credit notes received from credit suppliers | 1,480 |
According to the audited financial statement for the previous year debtors and creditors as at 1st November 2006 were Sh. 26,555 and Sh. 43,450 respectively.
REQUIRED:
Draw up the relevant Total Accounts entering end-of-year totals for debtors and creditors.
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