Answer to Question #266515 in Accounting for Kelisa Williams

Question

Bank

Receipts from debtor 290,200 Balance b/d 104,500

Commission 87,300 Loan 98,000

Bank interest 16,000 Payments to supplier 111,600

Cash sales 317,600 Equipment 442,000

Fixtures 377,400 Utilities 11,200

Drawings 66,700

Wages 55,000

Cash purchases 72,100

Rent 19,600

Rate 22,500

Balance c/d 85,300

1,088,500 1,088,500

List of balance:

Details May 1 Apr 30

Stock 34,000 12,500

Loan 196,000 98,000

Land 811,000 811,000

Fixtures 740,000 314,000

Equipment 0 433,000

Creditor 44,700 68,500

Debtor 92,300 52,300

Rate prepaid 10,100 8,400

Commission prepaid 12,400 19,600

Wage owing 17,400 18,200

Additional notes:

1. Stock taken for personal use amount 16,200.

2. Amounts written-off as bad debts total 8,700.

3. Discount received from credit suppliers & discounts given to debtor amount to

14,800 & 11,100.

4. Return inward total 22,000.

5. A set-off of 3,600 was applied to the sale & purchase ledger.

6. The sale of fixtures was at net book value.

REQUIRED:

Derive the control account & trial balance.

Answer 1

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