From the following information prepare Sales Ledger Adjustment Account and Bought Ledger Adjustment Account in the General Ledger :
On 1.1.2014 : Balance on Bought Ledger (Dr.) ~ 5,000; (Cr.) ~ 48,000; Balance on Sold Ledger (Dr.) ~ 70,940; (Cr.) ~ 1,120
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~ |
~ |
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|
Purchases |
2,70,000 |
Reserve for doubtful debts |
4,580 |
|
|
|
Purchases returns |
10,000 |
Cash paid to customers |
920 |
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|
|
Total sales |
3,84,000 |
Discount received |
3,600 |
|
|
|
Cash sales |
20,000 |
Bills receivable received |
20,000 |
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|
|
Sales returns |
5,000 |
Bills payable issued |
11,200 |
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|
|
Cash received from customers |
3,12,000 |
Bills receivable dishonoured |
3,000 |
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|
|
Discount allowed |
5,600 |
Bought Ledger balance (Dr.) |
5,200 |
|
|
|
Cash paid to suppliers |
2,40,000 |
Sales Ledger balance (Dr.) |
91,600 |
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|
|
Transfer from Sales to Bought Ledger |
10,400 |
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From the following particulars as extracted from the books of Wadia and Co., who keeps a Debtors Ledger, a Creditors Ledger and a General Ledger on self balancing system, show how the Debtors and Creditors Ledger Adjustment Accounts will appear in the General Ledger for the year 2014 (all figures in ~):
|
1.1.2014 |
Debtors balance |
45,750 |
Creditors balance |
54,900 |
|
31.12.2014 |
Credit purchase |
20,500 |
Credit sales |
22,700 |
|
|
Returns inwards |
400 |
Returns outwards |
600 |
|
|
Cash received from customers |
25,500 |
Discount allowed to customers |
450 |
|
|
Cash paid to creditors |
30,700 |
Discount received from creditors |
670 |
|
|
Acceptances received from debtors |
8,500 |
Creditors bill accepted |
12,000 |
|
|
Bills receivable returned dishonoured |
1,200 |
Bills payable dishonoured |
3,000 |
|
|
Bad debts written-off |
2,500 |
Misc. Exp. wrongly debited to Customers A/c |
345 |
|
|
Allowances from creditors |
275 |
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