hile.php/9617/FHBM1214_FIN ACC_202010 Questions_Students.pdf 6 / 8 Q1. (a) Below are the details of transactions extracted from Ash's accounts in June 2020: On 1 June 2020: Account receivables balance (dr) Account payables balance (cr) RM 11,280 20,450 During the month of June 2020: Total Sales Total Purchases Cash received from account receivables Cheque received from account receivables Cheque paid to account payables Contra Carriage outwards Discount allowed Discount received Bad debt Dishonoured cheque 185,520 82,750 15,260 35,250 26,130 4,000 1,220 3,600 5,800 900 2,250 Additional information: Additional information: (1) 50% of the sales and 60% of the purchases were on credit terms. The carriage outwards had been rebilled to the account receivables. An interest of RM250 has been charged by the suppliers due to late payment. (iv) The company received a credit note of RM750 from its suppliers. (v) Discount allowed of RM360 was withdrawn due to a dishonoured cheque. (vi) The company issued a demand letter to its client and debited the client's account for the cost of the legal fees of RM100. Required: Prepare an Account Receivable Control Account and an Account Payable Control Account for the month of June 2020. (22 marks) (b) Explain how the control account is different from the individual account receivable or account payable. (3 marks) [Total : 25 marks)