GCEFinancial AccountingControl Accounts2020

The following information was extracted from the books of Adeola Enterprises for the month of March 2023: Balances on 1st March 2023: Debtors Control Account (Dr) - N48,500 Creditors Control Account (Cr) - N32,750 Transactions during March 2023: (i) Credit sales - N125,400 (ii) Credit purchases - N89,600 (iii) Cash received from debtors - N98,700 (iv) Cash paid to creditors - N74,200 (v) Returns inwards - N3,850 (vi) Returns outwards - N2,100 (vii) Discount allowed - N1,450 (viii) Discount received - N980 (ix) Bad debts written off - N2,200 (x) Contra entries (set-off) - N4,500 (xi) Interest charged on overdue debtors accounts - N650 (xii) Cheque received from debtors dishonoured - N1,800 (a) Prepare the Sales Ledger Control Account (Debtors Control Account) for the month of March 2023. (8 marks) (b) Prepare the Purchases Ledger Control Account (Creditors Control Account) for the month of March 2023. (7 marks)

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