Question

QUESTION QUESTION 2 CREDITORS CONTROL (20 MARKS) The folle REQS Pro 3.1 22 The information given below was extracted from the records of Sprit Traders for May 2019. REQUIRED Prepare the correct Creditors Control account for May 2019. Balance the account. (11) Prepare the correct Creditors List as at 31 May 2019. (9) INFORMATION Credit balance in the Creditors control account on 01 May 2019 R128 250 Transactions during May 2019 (excluding the additional information below) Merchandise purchased on credit 330 300 - 130 Cheques issued to creditors in payment of accounts and discounts received 321 075 Merchandise returned to creditors 3780 - 3150 Equipment purchased on account 7200 Interest charged by a creditor on overdue account 135 Debit Creditors List as at 31 May 2019 Creditor Zola Limited Fritz Suppliers Bally Manufacturers Just Enterprises Man Wholesalers Credit 20 700 - 4050 31 590 -6700 84 600 - $10 15300 - 4000 1 350 1350 152 190 Additional information not yet recorded: The debit balance in the account of Man Wholesalers in the Creditors Ledger must be transferred to their account in the Debtors ledger. An account payment to Zola Limited was not recorded in the Cash Payments Journal, R4050. An invoice received from Baly Manufacturers for goods purchased was correctly entered in the Purchases journal as R3750 but erroneously posted to their account as R4 560 in the Creditors ledger A credit note from Fritz Suppliers for merchandise returned was not recorded in the Purchases Returns Journal, R3 150 An electronic funds transfer to Just Enterprises for R9 000 for an account payment was recorded in the Cash Payments Journal but not posted to the creditors ledger.

Answer 1

Requeinement T- Creditors Control Account For may 2019 Amount in R 128250 330350 - Particulars Amount in particulars TO Bank Alc 321075 By opening balance ccheque issued and By merchandise lucount Received) Purchase To Purchase Return 3780 By Egceipmest purchase To man Wholesales Alc 1350 By Interest C Balance transferred to Debtoo ledger) To Zola cimited 4050 c cash payment) To Bally manufacturers / 810 c Rectification of Excess. amount posted) To fritz Supplies 3150 credit note Entry Recorded ) To ust enterprises 90o To closing balance 465885 465885

Requeirement 2 or CORRECT CREDITORS CIST Arat 3 ist may, 2019 DebitR CREDITOR 2019 cimited Fritz Suppliers Bally many facturen Sust Enterprises CREDIT R 16650 28 440 83790 6300 135 180