Mega Store (Pty) Ltd has a wholesale section that conducts some of their business oncredit. Transactions are first recorded in specialised journals and the general journal ona real time basis. The accounting department uses clerks to post transactions recordedin the journals into Debtors accounts and Creditors’ accounts in the subsidiary ledgerson a daily basis. Transactions from the journals are posted into the Debtors’ Controlaccount and the Creditor’s Control account in the general ledger on a monthly basis.The following information was extracted from the accounting records of Mega Store(Pty) Ltd on 31 December 2021.
The following has not been taken into account in arriving at the figures above:1. An amount of R5 202 owing by a debtor, F Skelm, must be written off asirrecoverable.2. The allowances for credit losses must be increased by R2 250.3. On 10 December 2021, goods to the value of R6 300 was purchased on credit, butwas incorrectly recorded in the sales journal.4. The credit balances in the debtors’ ledger at 1 January 2021 must be transferred tothe creditors control account.
Required:
Prepare the following as they would appear in the general ledger of Mega Store (Pty)Ltd for the year ended 31 December 2021:
4.1 Debtors control account4.2 Creditors control account.
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