No entry has been made for interest charged at 12% p.a. on the overdue account of R9 000 due to Zebra Stores at 30 June 2021. The account is four months overdue. E. Lion Wholesalers is also a debtor and shows a credit balance of R400 in the Debtors ledger. Management has decided to transfer this amount to Lion Wholesalers account in the creditor’s ledger. No entry has been made. Q.3.1 Taking into account all the errors/omissions noted above, prepare the corrected Creditors Control account for
No entry has been made for interest charged at 12% p.a. on the overdue account of R9 000 due to Zebra Stores at 30 June 2021. The account is four months overdue. E. Lion Wholesalers is also a debtor and shows a credit balance of R400 in the Debtors ledger. Management has decided to transfer this amount to Lion Wholesalers account in the creditor’s ledger. No entry has been made. Q.3.1 Taking into account all the errors/omissions noted above, prepare the corrected Creditors Control account for
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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No entry has been made for interest charged at 12% p.a. on the overdue account of R9 000
due to Zebra Stores at 30 June 2021. The account is four months overdue.
E. Lion Wholesalers is also a debtor and shows a credit balance of R400 in the Debtors ledger.
Management has decided to transfer this amount to Lion Wholesalers account in the
creditor’s ledger. No entry has been made.
Q.3.1 Taking into account all the errors/omissions noted above, prepare the corrected
Creditors Control account for
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