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The financial year of the Better Now Trading Company ended on 30 November 2019. ...

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Accounting

The financial year of the Better Now Trading Company ended on 30 November 2019.
You have been asked to prepare a Total Accounts Receivables account and a Total
Accounts Payable Account in order to produce end-of year figures for Accounts
Receivables and Accounts payable for the draft final account. You have obtained the
following information for the financial year from the books of original entry:
According to the audited financial statement for the previous year accounts receivable
and payables as at 1 December 2018 were K53,110 and K86,900 respectively.
Required:
(a) Prepare the Trade receivables control account for the year ended 30
November 2019.(9marks)
(b) Prepare the Trade payables Control Account for the year ended 30
November 2019.(8 marks)
Explain three (3) reasons why Accounting Systems are designed with
a payable ledger control account and payables ledger account.(3marks)
(3 marks)
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