Question

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. 17.1919 Cash payments captured in the Cashbook Payments (CBPS) regarding creditors were as follows (n the Creditors Control column): Cheque payment CC518 made on 3 May to D Daniels for R2 800 Cheque payment CCS20 made on 9 May to H Hlumane for R900. Cheque payment CC522 made on 28 May to F Farmer for settling their account in full. GJ5 Fol Debit Credit Doc no Date Details 2 250 VS4 31 Creditors control D Daniels) 2 250 Debtors control (D Danielsl J56 31 Creditors control (F Farmer) 1 316 184 Output VAT Settlement discount received for settlement of account Required: a.5.1 Open, post to and balance the creditors control account (87) in the general ledger (20) of Levi Stores for May 2018 TOTAL MARKS: 100)

Answer 1

solution:

Journal Entries
S.No.	Particulars	Debit	Credit
1	Revenue Dr	$668,000.00
	To Expenses		$520,000.00
	To Martin Farley's Capital		$83,800.00
	To Ashley Clark's Capital		$64,200.00
	(To close the Revenues and expenses)
2	Martin Farley's Capital Dr	$61,000.00
	Ashley Clark's Capital Dr	$49,000.00
	To Martin Farley's Drawings		$61,000.00
	To Ashley Clark's Drawings		$49,000.00
	(Being Partner's withdrawl adjusted from capital)