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Question 2- Control A/C...

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Question 2- Control A/C 7. The balances on the personal ledger control account of Galaxy Ltd at 31st December 1992 were as follows: Purchases ledger Sales ledger Dr. $960 $ 97 550 Cr. $ 56 900 $480 The following transactions take place during 1993: Total purchases Total sales Cash purchases Cash sales Returns inward Returns outward Bills received Bills dishonoured Bills payable to creditors Interest charges on dishonoured bills Payments to creditors Receipts from cash and credit sales Receipts from bad debts recovered Bad debts written off Increase in provision for bad debts Refunds of credit customers' overpayments Refunds given to cash customers Allowances to trade debtors on goods damaged Interest charged to customers Cash received in respect of debit balances in purchases ledger Balance in the sales ledger set off against balance in the purchases ledger 194000 251000 6000 5000 500 900 7000 1000 6500 50 110000 180000 2000 5500 1500 700 330 900 200 600 2500 Balances at 31st December 1993 included: Sales ledger Purchases ledger $ 1800 Cr. 760 Dr. Prepare the sales ledger control account and the purchases ledger control account

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