BUS2231 - Control Accounts - Exercise 1

Try this, I took this from a website... http://www.accounting-basics-for-students.com/-debtors-creditors-control-accounts-question-.html which I also don't know the answer yet. Why don't you download this, print it and do it. Bring it to class for further discussion. Simple!

The following is a list of balances relating to Phiri Properties Ltd during 2010. The company maintains a memorandum debtors and creditors ledger in which the individual account of customers and suppliers are maintained.

These were as follows:

MK
Debit balance in debtors account      01/01/10                                         66,300.00
Credit balance in creditors account 01/01/10                                          50,600.00
Sunday credit balance on debtors ledger                                                      724.00
Goods purchased on credit                                                                     257,919.00
Goods sold on credit                                                                               323,614.00
Cash received from debtors                                                                    299,149.00
Cash paid to suppliers                                                                             210,522.00
Discount received                                                                                        2,663.00
Discount allowed                                                                                         2,930.00
Cash purchases                                                                                            3,627.00
Cash sales                                                                                                    5,922.00
Bad Debts written off                                                                                  3,651.00
Interest on overdue account of customers                                                      277.00
Returns outwards                                                                                         2,926.00
Return inwards                                                                                             2,805.00
Accounts settled by contra between debtors and creditors ledgers              1,106.00
Credit balances in debtors ledgers    31/12/10                                                815.00
Debit balances in creditors ledger    31/12/10                                                698.00

Required:

(a) Prepare the debtors control account as at 31/12/10.
(b) Prepare the creditors control account as at 31/12/10?