Financial Information Case Assignment

Financial Information Case Assignment

Instructions/Descriptions

Simon Datamatics Financial Information Case Assignment

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Question Description

Following information has been extracted from the books of account of “Simon Datamatics” as at 30 April 2021. Items Particulars Amount

(£) 1 Credit sales 93,882 2 Sales returns 884 3 Receipts from credit customers entered in the cash book 95,501 4 Discount received 1,877 5 Debit balance in sales ledger transferred to purchase ledger 235 6 Cash sales 2,276 7 Purchase Returns 488 8 Bad debt written off on 20 April 2021 150 9 Discount allowed 1,788 10 Customer’s dishonored cheque 107 – Debtors Balance at 01 April 2021 44,267 – Debtors Balance at 30 April 2021 38,698 – Creditors Balance at 01 April 2021 42,574

Required:

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4a) Identify the source used (Books of original entries) to draw up control accounts for items 1 to 10 listed above. (Note: List them in your answer sheet in chronological order)

4b) Prepare a Sales Ledger Control Account for the month of April 2021 and comment on the closing balance

3b) Explain what a Control Account is and discuss three advantages of using them?

Simon Datamatics Financial Information Case Assignment

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