Accounting – 3.4 Control accounts | e-Consult

The following information is available for Green Grocers for the month of August:

• August 1st: Opening Stock = £3,000 (Debit)
• August 10th: Payment to supplier = £7,000
• August 15th: Sales = £10,000 (Credit)
• August 20th: Receipt from customer = £4,000
• August 25th: Goods returned by customer = £500
• August 30th: Irrecoverable debts written off = £100
• August 31st: Closing Stock = £2,500 (Debit)
• August 28th: Interest on overdue accounts = £25

Prepare the following: a) A Purchases Ledger Control Account and b) A Sales Ledger Control Account. Include opening and closing balances, credit purchases and sales, receipts and payments, cash discounts, returns, irrecoverable debts, dishonoured cheques, interest on overdue accounts, contra entries, refunds.