CONTROLLING THE BOOKKEEPING SYSTEM
SOLUTIONS TO REVISION QUESTIONS C2
322
(a) A system for recording petty cash payments is the imprest system.
(b) (i) Sales daybook.
(ii) Purchase daybook.
(iii) Sales returns daybook.
(iv) Purchase returns daybook.
(c)
BH – Sales ledger control account
$ $
Opening receivables b/d 103,670 Credit balances b/d 1,400
Sales 175,860 Returns inwards 9,500
Sales tax on sales 10,350 Payments received 126,750
Refunds 800 Discounts allowed 1,150
Dishonoured cheques 1,580 Contra to purchase ledger 750
Bad debts written back 300 Bad debts written off 2,300
Credit balances c/d 840 Closing receivables c/d 151,550
293,400 293,400
Solution 5
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Take your time with Part (a) – accuracy will improve your chances of answering Part (b).
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If you also add a ‘ total ’ column at the end of your table, this will assist in answering Part (b).
(a) Receivable balances
Receivables
P Q R S T U V Total
$ $ $ $ $ $ $ $
Balance 1/4/X8 5,000 1,200 1,045 8,750 (140) (900) 400 15,355
Credit sales 4,700 1,175 3,520 – – 9,400 – 18,795
Returns (1,400) – (800) (750) – – – (2,950)
Receipts (9,740) (1,140) (1,520) (7,500) – – – (19,900)
Discount allowed – (60) – – – – – (60)
Dishonoured cheque – – 1,520 – – – – 1,520
Refund – – – – 140 – – 140
Bad debt w/off – – – – – – (400) (400)
Set off – – – (500) – – – (500)
Balance 30/4/X8 (1,440) 1,175 3,765 – – 8,500 – 12,000