Practice Activity 7.7 Payables ledger control account

The following evidence was extracted from the accounting records of Ikechukwu Enterprises:

₦

January 2018

1 Accounts payable balances 4,870,000 Credit

31 Cheques paid to suppliers for January 2018 5,457,000

31 Returns to suppliers for January 2018 97,680

31 Bought from suppliers in January 2018 6,679,000

31 Accounts payable balances from

the purchases ledger 6,104,320 Credit

31 Accounts payable balances from the purchases

Ledger 4,750 Debit

31 Cash returned by supplier 105,250

Required: Prepare the payables ledger control account for January 2018.

See a suggested solution to practice activity 7.7 as follows.