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The following information relates to Titanic Traders at 28 February 20.9 (1) Balances: R Debtors control account 28/02/20.855000 Allowance for credit losses 28/2/20.83240 Credit losses

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The following information relates to Titanic Traders at 28 February 20.9 (1) Balances: R Debtors control account 28/02/20.855000 Allowance for credit losses 28/2/20.83240 Credit losses recovered 2500 Credit sales 305000 Settlement discount granted 4200 (2) Additional information: During the year R270 000 was collected (received) from debtors in respect of credit sales. Debtor DJ Walker was declared insolvent and his account of R500 has to be written off. It was determined that allowance for credit losses account should amount to R4 265 at 28 February 20.9 . Required: 3.1 Prepare general journal for all necessary entries for the year ended 28 February 20.9 for Titanic Traders. (Narrations are required) (10 Marks) 3.2 Prepare a properly balanced debtor control account; credit losses account; and allowance for credit losses account for the year ended 28 February 20.9. (15 Marks) Please note: All workings must be show

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