Debtors, Creditors Control Accounts Question

by Danie Kwexi
(Blantyre)


The following is a list of balances relating to Phiri Properties Ltd during 2010. The company maintains a memorandum debtors and creditors ledger in which the individual account of customers and suppliers are maintained.


These were as follows:

MK
Debit balance in debtors account 01/01/10 66,300.00
Credit balance in creditors account 01/01/10 50,600.00
Sunday credit balance on debtors ledger 724.00
Goods purchased on credit 257,919.00
Goods sold on credit 323,614.00
Cash received from debtors 299,149.00
Cash paid to suppliers 210,522.00
Discount received 2,663.00
Discount allowed 2,930.00
Cash purchases 3,627.00
Cash sales 5,922.00
Bad Debts written off 3,651.00
Interest on overdue account of customers 277.00
Returns outwards 2,926.00
Return inwards 2,805.00
Accounts settled by contra between debtors and creditors ledgers 1,106.00
Credit balances in debtors ledgers 31/12/10 815.00
Debit balances in creditors ledger 31/12/10 698.00

Required:

(a) Prepare the debtors control account as at 31/12/10.
(b) Prepare the creditors control account as at 31/12/10?


Comments for Debtors, Creditors Control Accounts Question

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appreciatory complaint
by: Anonymous

this is absolutely a good line education, i suggest that the full format must be shown because we are not familiar with some of the transactions, therefore we find it difficult to identify the accounts suggested buy these transactions ..thank you. Vener Seveleni, Namibia

Bill of Exchange
by: Anonymous

Where is bill discounted posted to in the control account?

question
by: Anonymous

how do u treat dishonoured cheques while drawing controls accounts

Appreciation
by: Anonymous

I do appreciate all your efforts for simplifying learning. But if possible please try your best to at least give a simplified example with answer to guide slow learners like me from an LDC (Uganda). Thanks am DAN EMMA

ANSWER
by: Anonymous

debtors balancing figure is 79,011
creditors balancing figure is 90,604

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