QUESTION 3 CREDITORS RECONCILIATION The information given below was extracted fr

Question

QUESTION 3 CREDITORS RECONCILIATION The information given below was extracted from the records of Zebro Traders for May 2017 REQUIRED 3.1 Prepare the correct Creditors Control account for May 2017. Balance the account 3.2 Prepare the corrected Creditors List as at 31 May 2017 INFORMATION Credit balance in the Creditors control account on 01 May 2017 Transactions for May 2017 (excluding the additional information below: 256 500 660 600 Merchandise purchased on credit Merchandise purchased by cheque Cheques issued to creditors in payment of accounts and discounts received642 150 Merchandise returned to creditors Stationery purchased on account Interest charged by a creditor on an overdue account 7 560 NTAKE PROGRAMME HANDBOOK: JANUARY

Explanation / Answer

Solution:

From the given data we need to find the given requirements,

3.1 Creditor Control account

3.2 Corrected creditor list

Adjustment no 5 payment considered as purchase

DEBIT AMOUNT CREDIT AMOUNT Payment in May 642150 May 1, 2017 balance brought down 256500 Merchendise return 7560 Purchase on credit 660600    Interest charged by creditor 270 Stationery purchase 14400 May 31, 2017 Balance c/d 284760 Debit balance transfer to creditor 2700   934470 934470

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