Question 1: You have been supplied with the given information from the accounts of Louise Phillips for the year ended 31 March 2010:
Notes:
a) 10% of the sales for the year were cash sales.
b) 85% of the purchases were credit purchases.
Required:
a) Make the debtors control account for the year ended 31 March 2010.
b) Make the creditors control account for the year ended 31 March 2010.
For both the accounts clearly exhibit the balance which will be brought down at the beginning of the next financial year.
Question 2: The given information relates to the rent and the heating accounts of a company, for the year ended 31 October 2009:
Required:
a) Set out the rent account and the heating account for the year ended 31 October 2009, clearly showing the opening balances at 1 November 2009.
b) Describe the accounting term for each of the opening balances at 1 November 2009 and illustrate the heading under which each will show on the balance sheet.