Photo AI
Debtors' and Creditors' Control Accounts The following figures were taken from the books of T - Leaving Cert Accounting - Question 2 - 2007
Question 2
Debtors' and Creditors' Control Accounts The following figures were taken from the books of T. Lawlor during March 2007. Debtors Ledger balance 1/3/2007 Dr ... show full transcript
Worked Solution & Example Answer:Debtors' and Creditors' Control Accounts The following figures were taken from the books of T - Leaving Cert Accounting - Question 2 - 2007
Step 1
Creditors Ledger Control Account
Answer
To prepare the Creditors Ledger Control Account, we'll list the opening balance, totals for purchases, and any returns or discounts applicable. Here’s the breakdown:
Creditors Ledger Control Account
| Date | Details | DR (€) | CR (€) |
|-----------|---------------------------|---------|---------|
| 1 Mar | Balance b/d | | 290 |
| | Credit Purchases | 212,600 | |
| | Discount Received | 2,200 | |
| | Bills Payable | | 44,000 |
| | Cash paid and returns | | 1,330 |
| 31 Mar | Balance c/d | | 256,350 |
| | Total | 256,350 | 256,350 |
The final carry forward balance is 46,350 €.