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The given information has been extracted from the books of Jarvis Plc, a Company dealing in the Electrical Appliances. They relate to the year ended 30 June 2012.

695_sales ledger balances.jpg

Notes:

a) 25% of the sales for the year were cash sales.
b) 80% of the purchases were credit purchases.

Required:

problem 1: Make the Sales Ledger Control Account and the Purchases Ledger Control Account for the year ended 30 June 2012 for Jarvis Plc.

problem 2: Describe how control accounts might be helpful to a business.

problem 3: Financial statements are made on the basis of established accounting concepts and must adhere to the rules and procedures set down in regulations. Describe the given accounting concepts:

a) Business Entity
b) Dual Aspect
c) Accruals
d) Going Concern  

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M97005

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