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PURCHASE LEDGER You have been appointed as a Purchase Ledger Control Manager for Dynasty Limited....

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Accounting

PURCHASE LEDGER You have been appointed as a Purchase Ledger Control Manager for Dynasty Limited. During the month you came across the following transactions: Date 01/01/2018 Bought goods on credit from the following entities: Entity Name "Amount " Ellis 8,100 Mendez Trading 13,050 Gibson 3,750 Liners Limited 9,600 01/10/2018 A payment of 7,000 was made to Ellis 15/01/2018 Following is the detail of the payments made to the entities on this date: Entity Name "Amount " "Discount " Gibson 3,500 250 The above discount is received for the early payment 18/01/2018 Purchases valuing 400 returned to Liners Limited. And a payment of 9,000 made through cheque receiving a discount of 200 20/01/2018 Following purchases were made on credit from the following entities: Entity Name "Amount " Fastshop 16,500 Mendez Trading 7,530 Required: a) Dynasty Limited maintains control accounts for payables in the main ledger, and accounts for individual suppliers / creditors in a payable ledgers. You are required to record journa entries for the above transactions and post them to the Purchases Ledgers, Control Accounts and payables ledgers

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