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The given information has been extracted from the books of Misfit Ltd, trader, for the month of October 2008.

578_sales ledger balances.jpg

Required:

problem 1: The Sales Ledger Control account and the Purchases Ledger Control account for the month ended 31 October 2008 for Misfit Ltd.

problem 2: List in brief the uses and benefits of Control Accounts.

problem 3: Describe in brief how a contra entry might arise.

Financial Accounting, Accounting

  • Category:- Financial Accounting
  • Reference No.:- M96925

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