Question 3 (a) You are the Accounts Assistant of Excellent Sdn Bhd. You have been asked to help in the preparation of financial statements by agreeing the figure for the total receivables. The following figures relating to the current financial year ended 30 November are obtained from the books of original entry. RMPurchases for the year361,947Sales472,185Returns inwards 41,226Returns outwards 16,979Bad debts written off 1,914Discount allowed 2,672Discount received 1,864Cheques paid to payables342,791Cheques received from receivables429,811Customer’s cheque dishonoured 626 You discovered that the closing balance of the total receivables for the previous financial year ended 30 November amounted to RM50,241. Required:Prepare the Trade Receivables Control Account of Excellent Sdn Bhd for the current financial year ended 30 November.

Trade Receivables Control Account is an account which contain all the transaction which are related…

Answered: You are the Accounts Assistant of…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter3: Accrual Accounting

Section: Chapter Questions

Problem 17CE: Cornerstone Exercise 3-17 Accrued Revenue Adjusting Entries Powers Rental Service had the following...

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Question 3 (a)

You are the Accounts Assistant of Excellent Sdn Bhd. You have been asked to help in the preparation of financial statements by agreeing the figure for the total receivables.

The following figures relating to the current financial year ended 30 November are obtained from the books of original entry.

	RM
Purchases for the year	361,947
Sales	472,185
Returns inwards	41,226
Returns outwards	16,979
Bad debts written off	1,914
Discount allowed	2,672
Discount received	1,864
Cheques paid to payables	342,791
Cheques received from receivables	429,811
Customer’s cheque dishonoured	626

You discovered that the closing balance of the total receivables for the previous financial year ended 30 November amounted to RM50,241.

Required:

Prepare the Trade Receivables Control Account of Excellent Sdn Bhd for the current financial year ended 30 November.

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