Final Accounts for Sole Traders and Partnerships Test One Osborne Books

Jonathan_Walker

Please Help me prepare a Sales Ledger Control Account

I am given the following information

Sales Day Book Summaries
Sales 100,800 Sales Returns 2640

Opening Balance 14,500 Closing Balance 16250

Bank summary
Trade Receivables 96,235

Show clearly settlement (cash) discounts as the balancing figure.

vickimcshee

Opening balance 14,500 /// Bank 96,235
Sales 100,800 /// Sales returns 2640
/// DISCOUNTS ALLOWED 175
/// Closing balance 16250
Everything before the /// is on the debit side everything after is on the credit side. I tried to set it out like a T account but is difficult on here.
Try to remember that all sales are debits in the SLCA and it should ALWAYS have a debit opening balance unless you have too many customers paying more than they owe??!!
So everything else must be on the credit side as people are reducing what they owe you. Hope this helps.

Jonathan_Walker

I have entered this as stated but it marks the top 2 lines as incorrect

vickimcshee

Ive just been and done it myself. If you have put a , in-between your figures then it will mark it wrong as it doesn't appear to like them. My answer is correct bar it should be sales returns and then bank. Are you putting balance b/d and balance c/d as the opening and closing? Good luck.

Jonathan_Walker

Thanks I have got it right now

hayley3987

Hello,

Sorry I realise this is an old post but I am doing this question and I can't figure out how you calculated the discount allowed figure? Can anyone help?
Thank you

Anisa97

> @hayley3987 said:
> Hello,
>
> Sorry I realise this is an old post but I am doing this question and I can't figure out how you calculated the discount allowed figure? Can anyone help?
> Thank you

Debit side:
Opening balance £14500
Sales £100800

Credit side:
Receivables £96235
Sales returns £2640

The difference between the debit and credit side is £16425, but the closing balance given is £16250, so the difference (£175) is the discounts allowed missing figure - which goes on the credit side to give a closing balance of £16250

It's much easier to understand once you put the figures into a T account!

hayley3987

That's great, thank you Anisa!

Anisa97

> @hayley3987 said:
> That's great, thank you Anisa!

You're welcome