ASSIGNMENT 4
On 31st December, 2021 the sales ledger control account of Feyikogbon Nigeria limited showed a debit balance of N6,540 and a credit balance of N125.
The business started operations for the first time on 1st January, 2021. During the year to 31st December, 2021, the following transactions took place:
N
Cash received from customers 101,600
Return inwards and allowance 1,700
Discount allowed 2,500
Cheques from customers dishonoured 300
Cash paid to customers 150
Bad debts written off 200
Credit balance transferred from bought ledger 400
Interest charged to customers 50
Required:
(a) Write up the sales ledger control account as it would appear in the general ledger so as to show the value of sales for the year.
(b) If the bought ledger control account showed a credit balance of N5,670 and a debit balance of N110, show the correct amount that should appear in the Statement of Financial Position as sundry debtors and sundry creditors respectively as at 31st December, 2021.
ASSIGNMENT 5
The following information is available about the transactions made by a trader with his three debtors during January 2021:
|
Debtors |
Adetona Bukola |
Durokifa Olushola |
Agboola Favour |
TOTAL |
|
|
N |
N |
N |
N |
|
Dr. Balance B/f |
2120 |
2100 |
1250 |
5470 |
|
Credit Sales |
5680 |
5500 |
3500 |
14680 |
|
Sales Returns |
180 |
280 |
150 |
610 |
|
Bills Receivable |
560 |
610 |
400 |
1570 |
|
Debit Note Issued |
450 |
350 |
230 |
1030 |
|
Carriage Outwards |
320 |
220 |
300 |
840 |
|
Cash Receivable |
3500 |
1500 |
2350 |
7350 |
|
Credit Note Issued |
560 |
460 |
600 |
1620 |
|
Discount Allowed |
230 |
530 |
450 |
1210 |
|
Interest Charged |
140 |
340 |
90 |
570 |
|
Bad Debt Written Off |
200 |
320 |
350 |
870 |
|
Dr. Balance C/f |
3480 |
4810 |
1070 |
9360 |
Required:
(a) Draw up a personal account for each of the debtors
(b) A Control Account
(c) A trial balance as at 31st January, 2021 from the sales ledger
ASSIGNMENT6
The following balances were extracted from the books of Emilokan Enterprises on
31st December, 2021.
N
Sales ledger, debit balance 1/1/2021 98,260
Sales ledger, credit balance 1/1/2021 2,370
Bought ledger, credit balance 1/1/2021 72,190
Bought ledger, debit balance 1/1/2021 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
Service Charge 5,700
Cash received from debtors 689,230
Cash paid to suppliers 495,140
Credit note received 13,620
Debit note issued 75,840
Debit note received 27,240
Discount Received 19,320
Discount Allowed 24,750
Cash refunded to customers 1,270
Sales ledger, debit balance 31/12/2021 120,570
Sales ledger, credit balance 31/12/2021 2,010
Bought ledger, debit balance 31/12/2021 3,340
Bought ledger, credit balance 31/12/2021 55,340
You are required to prepare
(a) Receivables Control Accounts
(b) Payables Control Accounts
(c) Total Sales and Total Purchases.
Previous lecture note and assignment on Control Accounts:
https://objunityonlineclasses.blogspot.com/2022/08/lecture-note-on-acc-121-principles-of.html
For more lecture note, click this link:
https://britstutors.blogspot.com/2022/08/lecture-note-on-acc-121-principles-of.html
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