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	The following information was taken from the books of Big Boy Traders. Most of the sales take place on credit. Debtors are given credit terms of 30 days. The business does not expect to award any settlement discounts. All settlement discounts are therefore incidental in nature. Additional information: The incomplete Debtors Control account for the month of March 2019 has been provided to you below. You have also been provided with a Debtors list. This list reflects all amounts owing by the debtors at 31 March 2019. The following errors/omissions were noted: The total of the Debtors Journal was overcast by R 150. A return of goods by D. Dagwood for R 870 including VAT was correctly recorded in the journal but posted to the account of E. Egghead. An invoice issued to D. Dagwood for R 4 200 has been posted to the wrong side of his personal account. No entry has been made for a cheque for R 1 500 which was returned by the bank due to insufficient funds. The cheque was originally received from A. Apples in settlement of an account for R 1 750. A credit note issued to A. Apples for R 540 has been incorrectly entered in her personal account as R 450. Goods sold on credit to E. Egghead for R 1 870 including VAT have been incorrectly entered in the Debtors Journal as a sale to D. Dagwood and posted as such.

The Independent Institute of Education (Pty) Ltd 2020

Page 7 of 14

20 2020

	General Ledger of Big Boy Traders Statement of financial position accounts section Dr Debtors Control Cr Date Details Fol. Amount Date Details Fol. Amount 2019 March 1 Balance b/d 10 000 2019 March 31 Bank 20 000 Sales and VAT 35 000 Sales and VAT 450 Sales returns and VAT 2 400 Bank (R/D) 430 Interest Income 20 Credit Losses and VAT 250 Debtors List as at 31 March 2019 Debtor Preadjusted Balance(R) A. Apples 5 400 D. Dagwood 8 600 E. Egghead (690)Cr F. Fudge 2 200 Required:
	Q.3.1	Prepare a corrected Debtors Control account using the information provided above. (Note: The opening balance of R 10 000 is incorrect.)	(19)
	Q.3.2	Prepare a corrected debtors list. (Show all workings as marks will be allocated.)