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Prepare the sales ledger control account

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Problem 1: From the following information, prepare both the Sales Ledger Control Account and the Purchases Ledger Control Account in order to locate where the error (s) may have occurred in the books of XYZ, whose trial balance did not balance.

K 1st February 2002: Sales ledger balances 56 454

Purchases ledger balances 38 840

Details for the month:
Discount allowed 8 204
Discount received 3 442
Cash and cheques received from customers 574 634
Returns outwards journal 2 904
Returns inwards journal 7 236
Sales Day Book 611 648
Purchases Day Book 420 832
Cheques paid to suppliers 410 838
Suppliers were paid through petty cash 124
Balances on the Sales Ledger set off against balances in the Purchases Ledger 1 280

  • On 28th February 2002, the list of balances from the Sales Ledger shows a total amount of K76 748 and that from the Purchases Ledger a total of K40 420.

Reference no: EM132797299

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