Accounting Test Question CO No. 1 On Control Account

November 27th, 2006 Comments off
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Accounting Test Question CO No 1 On Control Account

Question:

The following information related to Mr. William for the year ended 30 September 2005:-

 

$

Interest charged to debtors

326

Carriage charged to debtors

3,290

Cash purchases

12,735

Returns inwards

1,938

Bad debts written off

853

Cheque payments to suppliers

64,320

Discount received

1,717

Allowance to debtor for damaged goods

500

Cash sales

76,321

Debtor’s cheques dishonoured

2,639

Purchases Returns

1,222

Credit sales

132,845

Discount allowed

3,699

Transfer of debit balance in Sales Ledger to Purchases Ledger

2,850

Credit purchases

70,394

Cheques received from debtors

144,820

 

144,820

Debit balances in Purchases Ledger at 30 September 2005

563

Credit balances in Sales Ledger at 30 September 2005

2,154

Provision for Doubtful debts

4,500

 

 

Balances in the books of Mr William at 1 October 2004:

Sales Ledger Debit : $43,628

Credit:                     $1,240

Purchases Ledger

Debit:  $324

Credit :$24,695

Required:

(a) Prepare the Purchases Ledger Control Account and Sales Ledger Control Accounts as they would appear in the General Ledger of Mr William for the year ended 30 September 2005 ( 18 marks)

(b)  Prepare a Balance Sheet extract showing Trade Debtors and Trade Creditors at 30 September 2005 (7 marks)

 

[ Refer Answer ]

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Financial Accounting

 
 

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