a. Ade, a trader had the following balances…

Question 1 Report

a. Ade, a trader had the following balances in the creditors ledger on October 31, 2020.

b. Ade, a trader had the following balances in the creditors ledger on October 31, 2020.

The following transactions took place in November 2020:

November		GH⊄
4	Goods bought from Kofi	17400
4	Returned goods to Erica	1500
10	Goods returned to Kofi	900
16	Goods bought from Mary	10500
21	Goods bought from Kofi	14100
23	Payment to Kristy after deducting discount of GH⊄ 300	3900
27	Payment to Erica after deducting discount of GH⊄ 600	6600

All purchases were on credit while all payments made through the bank

You are required to prepare:

The individual creditors account

Answer

Answer Details

a. Ade & Co
Dr Koli Account Cr

Dr Erica Account Cr

Dr Mary Account Cr

GH⊄					GH⊄
			Nov 10	Purchases	10500

Dr kristy Account Cr

Dr TOTAL CREDITORS CONTROL ACCOUNT Cr

a. Ade, a trader had the following balances in the creditors ledger on October 31, 2020. GH⊄ Kristy 4200 Erica 8700 b. Ade, a trader had the following balan...