Answer To Accounting Test Question CO No. 1 On Control Account

November 27th, 2006 Comments off
Share |

Answer to Accounting Test Question CO No.1:

(a) Purchases Ledger Control Account

2004

 

$

2004

 

$

Oct 1

Balance b/d

324

Oct 1

Balance b/d

24,695

 

 

 

 

 

 

2005

 

 

2005

 

 

Sept 30

Bank

64,320

Sept 30

Credit purchases

70,394

 

Discount received

1,717

 

Balance c/d

563

 

Returns outwards

1,222

 

 

 

Contra

2,850

 

 

 

 

Balance c/d

25,219

 

 

 

 

 

 

 

 

 

 

 

95,652

 

 

95,652

Oct 1

Balance b/d

563

Oct 1

Balance b/d

25,219

 

Sales Ledger Control Account

2004

 

$

2004

 

$

Oct 1

Balance b/d

43,628

Oct 1

Balance b/d

1,240

 

 

 

 

 

 

2005

 

 

2005

 

 

Sept 30

Interest charged to debtors

326

Sept 30

Returns inwards

1,938

 

 

 

 

Allowance of damaged goods

500

 

Carriage charges

3,290

 

Discount allowed

3,699

 

Credit sales

132,845

 

Contra

2,850

 

Dishonoured cheques

2,639

 

Bank

144,820

 

Balance c/d

2,154

 

Bad debts

853

 

 

 

 

Balance c/d

28,982

 

 

184,882

 

 

184,882

Oct 1

Balance b/d

28,982

Oct 1

Balance b/d

2,154

 

(b) Mr William

Balance Sheet As At 30 September 2005

Current Assets

Trade debtors ($28,982-$2,154) $26,828

Less: Provision for doubtful debts $4,500

                                               $22,328

Current Liabilities

Trade creditors ($25,219-$563)   $24,656

 

 

Comments are closed now.

Financial Accounting

 
 

Advertise Here | Brain Teasers/Puzzles | Greeting Cards | Inspirational Quotes | Jokes/Humor | Useful Links | Motivational Stories | Resource | Shopping | Share/Express Your Views | Testimonials | Universities/Colleges | Words of Wisdom from Religions | FREE POSTING OF ACCOUNTING & FINANCE JOBS VACANCY|