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The job of fiction writers
is to transport their
readers to fascinating
places and times.
A great novel can take us
back to medieval times,
over to deserted islands,
or even into a fantasy
world. With a task like
that, tired and overused
words like "pretty" and
"fun" just won't cut it.
How about unspoiled
terrain or stormy waters?
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Kit Kittelstad
M.A. Education
MIDDLE SCHOOL
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Control Accounts
Discounts allowed 1 000
Bad debts written off 200
Cash paid to creditors 2 500
Set off from sales ledger to purchases ledger 600
Prepare the sales ledger control account and purchases ledger control account for the month of June,
2003. $
Purchases ledger control account balance b/d 8 000
Purchases for the month 12 000
Returns outwards 400
Bad debts written off 300
Credit balance in sales ledger control account 600
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Q 10. The following information is relating to the business of Anson for the month ended 31 March
2003:-
Credit sales and return inwards are subject to 10% trade discount on list price.
st
1 March 2003 Debtors 4,000
Creditors 2,000
Cash sales 5,000
Credit purchases 12,000
Customer’s cheque returned by bank with remarks of 900
“insufficient funds”
Return outwards 750
Cheques paid to suppliers 7,000
Credit balance in sales ledger 300
Bad debts written off 600
Required:-
1. Make sales ledger control accounts of Mr. Ibrahim for the month of March 2003.
*All purchases and purchase returns were subject to a trade discount of 20%off the list price. During the
st
2. Calculate total Turn over on 31 March 2003
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1 April 2003 Trade debtors 19,012
Stock in trade 15,000
st
31 March 2004 Credit sales 40,690
Cash and cheque paid to suppliers 10,340
Bad debts written off 310
Balance in the sales ledger set off against balance in 700
the purchase ledger
Cash refunds from suppliers for over payments 120
Credit balance in sales ledger 124
Overdue interest charged by our suppliers 260
year cash sales were $ 22 000 and cash purchase were $ 12,500.
st
*On 31 March 2004 the stock in trade was valued at $ 12,500.
Required:-
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1. Total Debtors Account for the year ended 31 March 2004
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3. c. C alculate the Gross profit of the business for the year ended 31 march 2004.
st
Q12. The following details are available from the books of a business for the year ended 31 December
2002:- $
On 31-12-2002:
Returns inwards $ 1 000
Return outwards $ 900
Bad debts written off $ 1 200
Credit sales $ 52 000
Credit purchases $ 28 000
F
5% of year end debtors should be created as provision for bad debts
Required to prepare:-
st
a. Purchase ledger control account for the year ended 31 December 2002
st
b.Prepare the sales ledger control account for the year ended 31 Dec 2002.
st
c.The provision for bad debts a/ct and the balance sheet extracts for the 3 years ended 31
Dec 2000,2001 and 2002.
st
Q13. The following details are available from the books of a business for the year ended 31 December
2002:- $
On 31-12-2002:
Cheque issued to suppliers 28 800
Return outwards 1 200
Bad debts written off 1 800
Credit sales 78 000
Credit purchases 42 000
5% of year end debtors should be created as provision for bad debts
st
Required to prepare:- Purchase ledger and sales ledger control accounts for the year ended 31
December 2002