Accounting — IGCSE — SyllabAI Hub

110 marksmedium

8 marks

(b)

The following additional information has been extracted from Ling’s books for the month of March 2024.

	$
Trade receivables ledger balances at 1 March 2024	84290
Cash sales	12400
Contra / set off to trade payables ledger	810
Credit customer’s cheque dishonoured	260
Credit sales	93100
Discount allowed	4650
Discount received	2340
Receipts from credit customers	87360
Returns inwards	4020
Returns outwards	6310

Prepare the trade receivables ledger control account for the month of March 2024. Balance the account at 31 March 2024 and bring the balance down on 1 April 2024.

Trade Receivables Ledger Control Account

Date 2024	Details	$	Date 2024	Details	$

Your answer

2 marks

(c)

Explain one reason why a contra entry may arise.

Your answer

How did you do?/ 10

210 marksmedium

(a)

Vijul provided the following information for the year ended 31 March 2023.

	$
Trade receivables ledger control account balance at 1 April 2022	19900
Trade receivables ledger control account balance at 31 March 2023 To be calculated	To be calculated
Cash sales	1444
Credit sales	198301
Customer cheque dishonoured	210
Contra/set off to trade payables ledger	1325
Discount allowed	1274
Discount received	1306
Irrecoverable debts	350
Receipts from credit customers	196612
Returns inwards	570
Returns outwards	682

Prepare the trade receivables ledger control account for the year ended 31 March 2023.

Balance the account on this date and bring the balance down on 1 April 2023.

Trade Receivables Ledger Control Account

Date	Details	$	Date	Details	$

Your answer

How did you do?/ 10

31 markmedium

Identify what the closing balance on a trade receivables ledger control account represents.

Choose your answer

The amount owing by credit customers

The amount owing to credit suppliers

The total amount of credit sales for the year

The total amount received from credit customers for the year

45 marksmedium

Identify, indicating with a tick (✓), on which side of a trade payables ledger control account each would be entered.

	Debit side	Credit side
Credit purchases
Discount received
Interest charged
Returns outwards
Transfer to trade receivables ledger control account

Your answer

How did you do?/ 5

51 markmedium

Identify which item should be entered on the credit side of the trade payables ledger control account.

Choose your answer

Cash purchases

Credit purchases

Discounts received

Returns outwards

615 marksmedium

10 marks

(a)

Beth provided the following information for the month ended 31 October 2022

	$
At 1 October 2022
Trade receivables ledger balances	68 480
For the month of October 2022
Cash sales	8 435
Contra/set off trade payables ledger	558
Credit sales	56 346
Customer’s cheque dishonoured	345
Discount allowed	412
Discount received	539
Irrecoverable debts	260
Receipts from credit customers	60 940
Returns inwards	1 224
Returns outwards	922
At 31 October 2022
Trade receivables ledger credit balances	156
Trade receivables ledger debit balances	To be calculated

Prepare the trade receivables ledger control account for the month ended 31 October 2022. Balance the account on this date and bring the balances down on 1 November 2022.

Trade Receivables Ledger Control Account

Date	Details	$**	Date	Details	$

Your answer

5 marks

(b)

Beth is concerned about the time she is taking to prepare the trade receivables ledger control account.

Explain to Beth the benefits of maintaining a trade receivables ledger control account.

Your answer

How did you do?/ 15

71 markmedium

Identify what will be confirmed by preparing a trade payables ledger control account.

Choose your answer

All purchase invoices have been posted

All supplier payments have been processed

Entries have been posted to the correct personal accounts

The closing balance agrees with the total of individual balances

88 marksmedium

(a)

Lucas provided the following information for the month ended 31 March 2022.

	$
Trade receivables ledger balances at 1 March 2022	48220
Trade receivables ledger balances at 31 March 2022	47830
Cash sales	8300
Contra/set off to trade payables ledger	270
Credit customer’s cheque dishonoured	360
Credit sales	41480
Discount allowed	410
Discount received	120
Irrecoverable debts	1930
Receipts from credit customers	38590
Returns inwards	1030
Returns outwards	1950

Prepare the trade receivables ledger control account for the month ended 31 March 2022. Balance the account on this date and bring the balance down on 1 April 2022.

Trade Receivables Ledger Control Account

Date 2022	Details	$	Date 2022	Details	$

Your answer

How did you do?/ 8

91 markmedium

Which item would be recorded as a credit entry in a trade payables ledger control account?

Choose your answer

Amounts paid to credit suppliers

Contra with the trade receivables ledger control account

Discount received from credit suppliers

Interest charged on late payment

1010 marksmedium

(a)

Eldin provided the following information relating to his trade receivables ledger control account for the month ended 31 August 2020.

	$
Credit sales	29 535
Customer overpayment refunded by cheque	160
Discount allowed	984
Interest charged	119
Irrecoverable debts	597
Receipts from credit customers	36 250
Returns inwards	380
Trade payables set-off	665
Credit balances at 31 August 2020	240

Prepare the trade receivables ledger control account for the month ended 31 August 2020. Balance the account on this date and bring the balances down at 1 September 2020.

Trade Receivables Ledger Control Account

Date 2020	Details	$
Aug 1	Balance b/d	46 220

Your answer

How did you do?/ 10

111 markmedium

Identify which of the following would be recorded on the credit side of a trade payables ledger control account.

Choose your answer

Amounts paid to credit suppliers

Contra with the trade receivables ledger control account

Discount received from credit suppliers

Interest charged by a supplier on late payment

1215 marksmedium

9 marks

(a)

Chen provided the following information for the month ended 31 March 2021.

	$
Cash purchases	2 740
Cash sales	5 650
Contra/set-off	120
Credit purchases	32 550
Credit sales	38 910
Customer’s cheque dishonoured	410
Discount allowed	720
Discount received	390
Interest charged on a customer’s overdue account	80
Irrecoverable debt	450
Payments to credit suppliers	36 070
Receipts from credit customers	44 600
Returns inwards	1 420
Returns outwards	1 050
At 31 March 2021
Trade payables ledger balances	To be calculated
Trade receivables ledger balances	To be calculated

Prepare the trade receivables ledger control account for the month ended 31 March 2021. Balance the account on this date and bring the balance down on 1 April 2021.

Trade Receivables Ledger Control Account

Date 2021	Details	$
1 Mar	Balance b/d	56 240

Your answer

6 marks

(b)

Prepare the trade payables ledger control account for the month ended 31 March 2021. Balance the account on this date and bring the balance down on 1 April 2021.

Trade Payables Ledger Control Account

Date 2021	Details	$
1 Mar	Balance b/d	42 580

Your answer

How did you do?/ 15

131 markmedium

Which should be entered on the credit side of the trade receivables control account?

Choose your answer

Credit sales

Discount allowed

Interest charged

Returns outwards

1415 marksmedium

2 marks

(a)

State two reasons for maintaining a trade payables ledger control account.

Your answer

10 marks

(b)

On 31 March 2020 Gali provided the following information related to credit suppliers.

	$
Balance at 1 March 2020	16 250
Totals for the month
Credit purchases	18 230
Returns outwards	615
Interest charged	30
Trade receivables ledger balance set off	465
Payments made	14 540
Discount received	235
Refund received	55

Prepare the trade payables ledger control account for the month of March 2020. Balance the account on 31 March 2020 and bring the balance down on 1 April 2020.

Trade Payables Ledger Control Account

Date	Details	$	Date	Details	$

Your answer

3 marks

(c)

State three reasons why a business may receive a refund from a credit supplier.

Your answer

How did you do?/ 15

151 markmedium

Which will be recorded on the debit side of a trade receivables ledger control account?

Choose your answer

Credit note

Discount allowed

Irrecoverable debt

Returned cheque

1615 marksmedium

10 marks

(a)

Omar provided the following information relating to his trade payables ledger control account for the month ended 30 November 2019.

	$
At 1 November 2019
Credit balances	46 935
Debit balances	290
For the month of November 2019
Cash purchases	2 650
Credit purchases	36 940
Discount received	612
Interest charged	266
Payments to credit suppliers	32 418
Returns outwards	358
Trade receivables ledger set-off	220
At 30 November 2019
Debit balances	135

Prepare the trade payables ledger control account for the month ended 30 November 2019. Balance the account on this date and bring the balances down at 1 December 2019.

Trade Payables Ledger Control Account

Date 2019	Details	$	Date 2019	Details	$

Your answer

1 mark

(b)

State one possible reason why Omar has a debit balance on the trade payables ledger control account.

Your answer

4 marks

(c)

Explain two reasons for preparing a trade payables ledger control account.

Your answer

How did you do?/ 15

179 marksmedium

5 marks

(a)

Evaluate why a business maintains ledger control accounts.

Your answer

1 mark

(b)

Josephine provided the following information.

	$
At 1 June 2017
Trade receivables ledger control account balance	65 450
For the year ended 31 May 2018
Cash sales	80 100
Credit sales	255 895
Irrecoverable debts	11 500
Payables ledger set off	7 895
Receipts from credit customers	228 955
Returns inwards	4 567

Prepare the following account for the year ended 31 May 2018. Balance the account on that date and bring the balance down on 1 June 2018.

Trade Receivables Ledger Control Account

Date	Details	$	Date	Details	$

Your answer

3 marks

(c)

State three other items that may appear in a trade receivables ledger control account.

Your answer

How did you do?/ 9

Control Accounts (Edexcel IGCSE Accounting): Exam Questions

Control Accounts (Edexcel IGCSE Accounting): Exam Questions