Ask Question, Ask an Expert


Ask Accounting Basics Expert

problem 1) The following totals were obtained from the books of a small business selling electrical goods:

Trade debtors at 1 April 2006 (debit balance)                  273,176
Trade creditors at 1 April 2006 (credit balance)               100,277
Cashsales                                                                    35,284
Credit sales                                                                 395,477
Cash purchases                                                            59,001
Credit purchases                                                         194,226
Receipts from all customers                                          407,831
Credit sales return                                                         2,660
Credit purchases returns                                                3,335
Cash discounts allowed to credit customers                      3,552
- Cash discounts received from credit suppliers                 1,008
Cash and cheques paid to trade creditors                       155,910
Service fee charged to credit customers                             1,200
Credit customers’ cheques dishonoured                             7,229
Bad-debts written off                                                       9,004
Provision for doubtful debts at 1 April 2006                        5,464
Interest charged on overdue accounts of credit customers    2,774
Set-off of debit balances in the Sales Ledger with Credit
balances in the Purchases Ledger                                         5,893
Trade debtors at 30 April 2006 (credit balance)                      5,000


(a) Create the Debtors Control Account and the Creditors Control Account for the month of April 2006.

(b) Briefly describe the reasons for preparing control accounts.

(c) Give reasons as to how a customer can have credit balance to his account.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M96421

Have any Question? 

Related Questions in Accounting Basics

Excel formulas functions assignment depreciation

EXCEL FORMULAS / FUNCTIONS Assignment Depreciation Schedule Learning Objectives: 1. Creating Range Names 2. Creating variable Comments 3. Using Absolute and Relative References 4. Creating Formulas using following functi ...

Nonfinancial performance measuresalpha university wishes to

Nonfinancial performance measures Alpha University wishes to monitor the efficiency and quality of its course registration process. a. Identify three input and three output measures for this process. b. Why would Alpha U ...

Accrual accounting systemthe accrual accounting system is a

Accrual Accounting System The accrual accounting system is a standard system used by most businesses and is also the system used in the simulation. In relation to the rules of accrual accounting, consider the following q ...

Wayne and maria file a joint tax return on which they

Wayne and Maria file a joint tax return on which they itemize their deductions and report AGI of $50,000. During the year they incurred $1,500 of medical expenses when Maria broke her leg. Furthermore, their dentist info ...

Topic ethics in auditing practiceyour assignment should

Topic: "Ethics in auditing practice" Your assignment should answer the following questions: 1. Provide a brief overview of the nature of the auditing/ethical issue/s involved with Ethics in auditing practice. 2. How does ...

Your dog peyton has severe allergies and cannot have the

Your dog, Peyton, has severe allergies and cannot have the usual store-bought dog treats. You have been making homemade treats for him that are all-natural and hypoallergenic. Over the past year, you have been making and ...

Problemon january 1 2015 west company acquired a tract of

Problem: On January 1, 2015, West Company acquired a tract of bond for P1,000,000. The entity paid P100,000 down and signed for two-year promissiory note for the balance plus 10% international compounded annually. The no ...

Practical assessment- case study assignment question 1 case

Practical Assessment- Case Study Assignment Question 1: Case study You are a financial adviser and the following information is an extract of data you gathered as part of fact finding during an initial client consultatio ...

Accounting management and cost decisionsproduct costing

Accounting, Management, and Cost Decisions Product Costing Systems For the list of product manufacturers below, indicate whether a job-cost system (J) or a process cost system (P) would be most  appropriate. a. Chemicals ...

Practice questionswhat problems might arise in recording

Practice questions: What problems might arise in recording direct labour costs and how would you attempt to remedy them?

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate