The following information pertains to Onyekachukwu Enterprises for November 2017
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November 1Receivables ledger 7,876,016 Debit
1 Receivables ledger 56,675 Credit
30 Transactions for the month:
Cash received from customers for unpaid balances 467,678
Cheques received from customers for unpaid balances 8,789,000
Credit sales 9,406,073
Bad debts 326,650
Discounts given to customers 299,786
Sales returns 664,855
Cash returned to a customer for paying more than his
account balance 68,867
The bank declined to pay the amount of cheques amounting to ₦39,758
received from customers for their unpaid balances.
The debt of ₦2,241,000 owed by Mr. Rapu is overdue for payment.
Onyekachukwu Enterprises charges 2.27 percent interest on overdue debt.
Receivables ledger 6,876,729 Debit
Receivables ledger 39,788 Credit
Required: Prepare the Receivables Ledger Control Account for November 2017.
See a suggested solution to practice activity 7.5 as follows.
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