Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the financial year of the better now trading compa

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

50.1K

Verified Solution

Question

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)
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

4 length 50 cm diameter 0 5 mm 3 length 300 cm diameter 3 mm...

Physics
Q

Click on the tautology that is the basis for the simplification rule of inference p...

Basic Math
Q

Suppose the expression a(b)" models the approximate number of customers who applied for a credit...

Basic Math
Q

5 Use the following data set to answer the question 55 37 52 27 29...

Statistics
Q

Enter a Y for Yes or an N for No in each answer space below...

Calculus
Q

E

Calculus
Q

On January 1, 2018, the Merit Group issued to its bank a $39...

Accounting
Q

An accumulated depreciation account Select one: A. increases on the debit side. B. has a...

Accounting
Q

ATC 3 ng Assignment Operating leverage, margin of safety, and cost behavior orm 10-K Skechers...

Accounting
Q

Exercise 12-6 The following three accounts appear in the general ledger of Riverbed Corp during...

Accounting
Q

c can someone help me with thin thanks acct100 ch 13 come...

Accounting
Q

You have just been hired as a new management trainee by Earrings Unlimited, a distributor...

Accounting