Question
Use the following information to answer questions 19-30 (CLO 2). The following balances were extracted from the ledgers of Brown Sisters Ltd on October 31,
Use the following information to answer questions 19-30 (CLO 2). The following balances were extracted from the ledgers of Brown Sisters Ltd on October 31, 2015: October 1, 2015: $ Purchases Ledger balance b/f- Dr- 25,000 Purchases Ledger balances b/f- Cr-p 900,000 Sales Ledger balances b/f- Dr-s 1,350,000 Sales Ledger balances b/f- Cr-s 41,600 October 31, 2015: Return outwards- 60,000 Discount allowed-56,000 Cash paid to suppliers-670,000 Bad debt-sales 86,000 Credit sales for the month1,196,000, Cheques received from customers-1,440,000 Cash sales\118,000 Refunds to credit customers 70,000 Discounts received- 81,000 Dishonoured customers cheques 72,000 Cash purchases- 120,000 Interest on overdue customers accounts 64,000 Credit purchases for the month 736,000 Bad debts recovered- 100,000 Refunds to cash customers 16,000 Interest on overdue suppliers accounts-31,600 Return inwards 50,000 Refunds from credit purchases 92,000 Cash received from debtors- 170,000 Contra entry-both 124,000 Purchases ledger debit balance-purchase 45,600 Sales ledger credit balance-sales 60,000
Using the above information, you are required to the sales ledger control account and the purchase ledger control accounts
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