Beruflich Dokumente
Kultur Dokumente
$600
$27 020
$46 950
$26 380
$750
$14 150
$25 260
$590
$950
$450
$620
$1220
$42230
$5100
$230
$120
Required:
a) Using such of above data as is relevant,prepare a sales ledger control account and a purchases
ledger control account for the month of March
b) Explain the ways in which control accounts can be used to manage the business.
QUESTION 2
The following transactions relate to the sales ledger for the year ended 30 April 2010;
Balances on the sales ledger on 01 May 2009
$19 340
Sales
$188 216
Receipt on customers
$150 750
Discount allowed
$4 800
$57 006
Credit Balances
$300
An entry recorded in the books of prime entry and correctly posted to the personal a/c,
but not in the control a/c
Where a transaction has been correctly recorded in the control a/c but
incorrectly in the personal a/c
QUESTION 3
The net balance extracted from T ltd purchases ledger on 31 March 2010 amounted to $12 560,which
did not agree with the balance on the purchases ledger control a/c.An audit reviewed the following
errors;
1.
2.
3.
4.
A debit balance of $40 in the purchases ledger had been listed as a credit balance
Hector had been debited for goods returned to him for $90 and no other entry had been made
The purchases day book had been overcast by $100
Credit balance on the purchases ledger amounting to $480 and a debit balance amounting to$24
had been omitted from the list of balances
5. A payment of $8 to T ltd for cash purchases of goods had been recoreded in the petty cashbook
and posted to his personal a/c in the purchases ledger,no other entry had been made.
6. The transfer of $120 from Harrows a/c in the sales ledger to the credit of his account in the
purchases legder had not been entered inhe control a/c.
Required;
a) A statement reconciling the original net balances from the purchases ledger with the corrected
balance on the purchases ledger control account
b) The purchases ledger control a/c showing the balance before correction of the errors and
necessary adjustments thereon
QUESTION 4
Allan was in the process of balancing his sales ledger at his a/c year end.The following balances were
extracted from his books;
$14 400
$13 650
Required;
a) The sales ledger control a/c showing clearly the oriina balances
b) The total if he sales ledger balance after adjustments of the above errors have been made
c) Journal entries for 1-3 above.narratives are required
QUESTION 5
2010-Jan 2
Gororo a wholesaler started business with a sum of $100 000 which he used
to open a business bank account
2010-Jan 4
2010-Jan 5
2010-Jan 6
2010-Jan 7
Bought trade stock on credit from UBM $30 000 and from J&F $40 000
2010-Jan 10
2010-Jan 11
2010-Jan 12
Sold goods on credit to Batanai $25 000 and Shungu $16 000
2010-Jan 14 Bought delivery van for $35 000 on credit from Ford Motors
2010-Jan 15 Paid wages of $2 000 cash
2010-Jan 15
2010-Jan 16
2010-Jan 17 Batanai returned surplus goods and was given a credit note for $5 000
2010-Jan 18
2010-Jan 20
2010-Jan 21
2010-Jan 22
2010-Jan 23
2010-Jan 24
2010-Jan 25
2010-Jan 26 Shungu paid $15 000 cash and was allowed a discount of $1 000
2010-Jan 27
Purchased goods on credit: $35 000 from UBM and $28 000 form J&F
2010-Jan 27
Sold goods for cash $20 000 and immediately deposited half the amount
2010-Jan 28
Sold stock on credit to Shungu for $27 000 and to Batanai for $20 000
2010-Jan 29
Paid cash for the following expenses: $3 000 for telephone bills, $1 000 for
Returned surplus goods to J&F and sent them a debit note for $3 000
2010-Jan 30 Shungu returned damaged goods and received a credit note for $2 000
2010-Jan 30 Received a Loan of $20 000 form Barclays Bank
2010-Jan 30 Gororo withdrew goods costing $6 000 for private use.
2010-Jan 31 Paid by cheque $20 000 to Ford Motors and $9 000 to Trident
2010-Jan 31 Bought stock for resale and paid $10 000 cash
2010-Jan 31 Transferred $20 000 in cash and deposited it into the bank
Additional information:
A stock-take on 31 January 2010 revealed that $19 000 worth of stock remained unsold.
Required:
a)
Enter the above transactions in the books of Gororo and post to the appropriate ledgers.
b)