The following are extracts from the books of Ghanabeba Ltd. for the month of September 2016.
01/09/2016 Sales ledger balances (debit balances) 256,000
01/09/2016 Sales ledger balances (credit 13,000 balances)
During the month:
Cash sales for the month 500,000
Sales Journal totals 1,200,000
Cash received from customers 680,000
Discounts Allowed 14,000
Provision for bad debt 20,000
Bills Receivable Accepted by Customers 100,000
Sales Returns totals 52,000
Bad debts written off 13,200
Cheques received from customers 250,000
Customers' Cheques returned unpaid 100,000
30/09/2016 Balances (Credit) 5,100
Balances (Debit) ???,???
Required;
i. What are the advantages of control accounts?
ii. Prepare Debtors Control Account for Golda Enterprise for as at 30th September 2016
