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Question 7
Complete and balance the Creditors Control Account on 31 May 2016 from the following information: € Creditors balance on 1 May 2016 6,100 Total credit purchases ... show full transcript
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Answer
To balance the account, add the total debits and credits:
Total Debits = €5,900 (Purchases) Total Credits = €6,100 (Balance b/d) + €5,500 (Payments) = €11,600
The Balance c/d therefore is:
Balance c/d = Total Credits - Total Debits Balance c/d = €11,600 - €5,900 = €6,500
Record this as the balance carried down (c/d) to the next month.
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