GENERAL LEDGERDRDEBTORS CONTROLCRDateDetailsFol.AmountDateDetailsFol.Amount The following information relates to Red Traders, who trade in glass vases. Red Traders is aregistered VAT vendor and only deals with other VAT vendors. All amounts include VAT at 15%,where applicable, unless otherwise indicated.Question 2.1The following information relates to Red Traders:Balances on 1 February 2019:Debtors Control R83 000Creditors Control R72 500The following totals appeared in the subsidiary journals as at 28 February 2019:Total cash sales of merchandiseR567 000Total credit purchases of goodsR365 000Total credit sales (including 15% VAT) of merchandiseR485 000Total payments to Creditors on account in Cashbook PaymentsR436 000Total payments received from Debtors in Cashbook ReceiptsR378 000Total settlement discount given to DebtorsR15 000Cheques dishonoured as per Cashbook PaymentsR81 000Discount (previously granted to debtors) cancelledR7 000Total returns of goods received from DebtorsR56 000Debtors declared insolvent and balances written offR82 000Transfer of credit account balance in creditors ledger to account in debtors ledgerR55 000Transfer of credit account balance in debtors ledger to account in creditors ledgerR76 000Required:Q.2.1Use the information given to draw up the Debtors Control account in thegeneral ledger of Red Traders.DO NOT BALANCE THE ACCOUNT.

The Debtors Control Account shows all the money which due from the customers or money owed by the…

Answered: Required: Q.2.1 Use the information…

Required: Q.2.1 Use the information given to draw up the Debtors Control account in the general ledger of Red Traders. DO NOT BALANCE THE ACCOUNT.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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