Debtors, Creditors Control Accounts Question
by Danie Kwexi
The following is a list of balances relating to Phiri Properties Ltd during 2010. The company maintains a memorandum debtors and creditors ledger in which the individual account of customers and suppliers are maintained.
These were as follows:
Debit balance in debtors account 01/01/10 66,300.00
Credit balance in creditors account 01/01/10 50,600.00
Sunday credit balance on debtors ledger 724.00
Goods purchased on credit 257,919.00
Goods sold on credit 323,614.00
Cash received from debtors 299,149.00
Cash paid to suppliers 210,522.00
Discount received 2,663.00
Discount allowed 2,930.00
Cash purchases 3,627.00
Cash sales 5,922.00
Bad Debts written off 3,651.00
Interest on overdue account of customers 277.00
Returns outwards 2,926.00
Return inwards 2,805.00
Accounts settled by contra between debtors and creditors ledgers 1,106.00
Credit balances in debtors ledgers 31/12/10 815.00
Debit balances in creditors ledger 31/12/10 698.00
(a) Prepare the debtors control account as at 31/12/10.
(b) Prepare the creditors control account as at 31/12/10?
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