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In: AccountingQuestion 3The information given below was extracted for the records ofZebro Traders for May...Question 3The information given below was extracted for the records ofZebro Traders for May 2017Required.3.1 Prepare the correct Creditors Control Account for my2017.Balance the account. (11)3.2 Prepare the corrected Creditors List as at 31 May 2017.InformationCredit balance in the creditor’s control account on 01 May2017R 256 500Transaction’s for May 2017(excluding the additional informationbelow):RMerchandise purchased on credit660 600Merchandise purchased by cheque446 400Cheques issued to creditors in payment of accounts and discountsreceived642 150Merchandise returned to creditors 7 560Stationery purchased on account 14 400Interest charged by a creditor on an overdue account 270Creditors List AS at 31 May 2017CreditorDebitCreditUnion LimitedVoltex SuppliersTropical ManufacturesSouthgate EnterprisesProworx Wholesalers270041 40063 180169 200 30 6002700304 380Additional Information not yet recorded.1. The balance in the account of Proworx Wholesalers must betransferred to their account in the Debtors ledger.2. A credit note received from Union Limited for Merchandise returnedwas not recorded in the Purchases Returns Journal. R8 100.3. An invoice received from Tropical Manufactures for goods purchasedwas correctly entered in the Purchases Journal as R7500 buterroneously posted to their account as R 9120 in the creditorsLedger.4. An electronic funds transfer to Voltex Suppliers in part settlementof account was not recorded in the Cash Payment Journal, R6300.5. A cheque to Southgate Enterprises for R9000 was correctly recordedin the Cash Payments Journal but treated as a purchase in thesuppliers account in the CREDITORs ledger.