Debits: Receivables ledger 60 000
Payables ledger 3 000
Credits: Receivables ledger 3 750
Payables ledger 22 500
Allowance for credit losses 6 000
Balances on 30 April 2020:
R
Debits: Receivables ledger 94 950
Payables ledger 5 250
Credits: Receivables ledger 4 500
Payables ledger 27 300
Allowance for credit losses 9 495
Transactions for the month ended 30 April 2020:
R
Credit sales 258 000
Payment received from receivables 167 700
Bad debts written off 15 750
Credit purchases 133 500
Cash purchases 82 500
Cash sales 51 000
Returns (in) 64 500
Returns (out) 16 500
Payment made to payables 114 450
Deposit made received from receivables returned by bank 13 500
Interest charged to receivables 10 650
REQUIRED:
a) Prepare the following ledger accounts:
• Receivables control (18)
• Payables control (15)
b) Present Receivables and Payables on the statement of financial position of on
30 April 2020. (13)
Please note: Sunjang Equipment is NOT registered for VAT purposes
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