PATRIOT ODUNARO BABATUNDE JIMOH (08038454008)
ASSIGNMENT 1
The following balances were extracted from the books of Ayele Enterprises on
31st December, 2018.
N
Sales ledger, debit balance 1/1/2018 98,260
Sales ledger, credit balance 1/1/2018 2,370
Bought ledger, credit balance 1/1/2018 72,190
Bought ledger, debit balance 1/1/2018 4,210
Cash purchases 27,380
Cash sales 19,360
Accounts settled by contra 6,220
Bills dishonoured 7,500
Bills debts written off 5,260
Bills of exchange drawn on customers 34,730
Returns Inward 7,450
Returns Outwards 8,920
Cash received from debtors 689,230
Cash paid to suppliers 495,140
Discount Received 19,320
Discount Allowed 24,750
Cash refunded to customers 1,270
Sales ledger, debit balance 31/12/2018 120,570
Sales ledger, credit balance 31/12/2018 2,010
Bought ledger, debit balance 31/12/2018 3,340
Bought ledger, credit balance 31/12/2018 55,340
Show all necessary workings.
You are required to prepare:
(a) Credit Sales
(b) Credit Purchases
(c) Total Sales
(d) Total Purchases
ASSIGNMENT 2
(a) Define control Account and list five reasons for control accounts.
(b) Mention five each items to be found in sales ledger control account and purchases
ledger control account.
(c ) On January 1, 2019 the sales ledger balance of Foyegbe was N12,000 debit while the
bought ledger balance was N4,850 credit.
The following transactions took place in the month of January 2019.
N
Credit sales 175,900
Bad debt 4,225
Dishonoured cheque 6,250
Credit purchases 90,300
Returns inwards 7,850
Bills receivable 22,500
Cash received from debtors 78,000
Cash paid to creditors 57,000
Discount allowed 2,250
Discount received 4,725
Cheques from debtors 37,500
Bills payable 10,750
Debit balance in bought ledger transferred
to sales ledger 1,300
Discounts allowed but subsequently disallowed 750
Discounts received but subsequently withdrawn 725
Required: Prepare:
(i) Total Debtors Account
(ii) Total Creditors Account
INSTRUCTION:
FOR FULL-TIME:TO BE SUBMITTED ON OR BEFORE THURSDAY OCTOBER 8, 2020 AROUND 3PM
FOR PART-TIME-TIME:TO BE SUBMITTED ON OR BEFORE SATURDAY OCTOBER 17, 2020 AROUND 9AM
