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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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