The following information was taken from the books of Towel Talk for January and February 2021: List of balances in the Debtors Ledger of Towel Talk as at 31 January 2021: Debtor Fol Amount

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity
Section: Chapter Questions
Problem 6E: Balance Sheet Baggett Companys balance sheet accounts and amounts as of December 31, 2019, are shown...
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2.2 Prepare the individual account of L. Simpson in the debtors ledger of Towel Talk for February 2021. (Round off to the nearest rand)
04:32
The following information was taken from the books of Towel Talk for January and February 2021:
List of balances in the Debtors Ledger of Towel Talk as at 31 January 2021:
Debtor
Fol
Amount
L Simpson
D1
R12 000
Marvel Ltd
D2
R13 900
R Green
D3
R9 600
Home Centre Ltd
D4
R2 300
D Patel
DS
R16 S00
R54 300
O The Independent institute of Education (Py Ltd 2021
Page 4of
2021
Debtors Journal of Towel Talk - February 2021
DOC NO DATE
DETAILS
FOL
DEBTORS
OUTPUT
SALES
CONTROL
VAT
INV203
2
Marvel Ltd
D2
17 250
2 250
15 000
INV204
8
Home Centre Ltd
D4
24 150
3 150
21 000
INV205
12
L. Simpson
D1
2 875
375
2 500
INV206
18
D. Patel
DS
9 775
1275
8 500
INV207
22
R. Green
D3
1 093
143
950
INV208
24
L. Simpson
D1
5 175
675
4 500
INV209
28
D. Patel
DS
2 300
300
2 000
62 618
8 168
54 450
Debtors Allowances Journal of Towel Talk - February 2021
DOC NO DATE
DETAILS
FOL DEBTORS
INPUT VAT
SALES
CONTROL
RETURNS
CN45
4
Marvel Ltd
D2
2875
375
2 500
CN46
13
L Simpson
D1
575
75
500
CN47
23
R. Green
D3
230
30
200
CN48
25
L. Simpson
D1
5 175
675
4 500
8 855
1155
7 700
Cashbook Receipts of Towel Talk - February 2021
DOC
DATE DETAILS FOL BANK
DEBTORS
OUTPUT SALS
SUNDRIES
NO
CONTROL VAT
AMOUNT FOL DETAILS
CR333 1
CRI4 7
B. Pitt
20 700
2 700
18 000
H.
3795
495
3 300
Services
Homer
Rendered
DR28 14
D1
8000
8000
Simpson
CR335 19
Cash
3 600
27 600
24 000
DR29
23
D. Patel
DS
24 961
24961
DR30
26
D1
5 985
5985
Simpson
91 041
38 946
6 795
42 000
3 300
Transcribed Image Text:04:32 The following information was taken from the books of Towel Talk for January and February 2021: List of balances in the Debtors Ledger of Towel Talk as at 31 January 2021: Debtor Fol Amount L Simpson D1 R12 000 Marvel Ltd D2 R13 900 R Green D3 R9 600 Home Centre Ltd D4 R2 300 D Patel DS R16 S00 R54 300 O The Independent institute of Education (Py Ltd 2021 Page 4of 2021 Debtors Journal of Towel Talk - February 2021 DOC NO DATE DETAILS FOL DEBTORS OUTPUT SALES CONTROL VAT INV203 2 Marvel Ltd D2 17 250 2 250 15 000 INV204 8 Home Centre Ltd D4 24 150 3 150 21 000 INV205 12 L. Simpson D1 2 875 375 2 500 INV206 18 D. Patel DS 9 775 1275 8 500 INV207 22 R. Green D3 1 093 143 950 INV208 24 L. Simpson D1 5 175 675 4 500 INV209 28 D. Patel DS 2 300 300 2 000 62 618 8 168 54 450 Debtors Allowances Journal of Towel Talk - February 2021 DOC NO DATE DETAILS FOL DEBTORS INPUT VAT SALES CONTROL RETURNS CN45 4 Marvel Ltd D2 2875 375 2 500 CN46 13 L Simpson D1 575 75 500 CN47 23 R. Green D3 230 30 200 CN48 25 L. Simpson D1 5 175 675 4 500 8 855 1155 7 700 Cashbook Receipts of Towel Talk - February 2021 DOC DATE DETAILS FOL BANK DEBTORS OUTPUT SALS SUNDRIES NO CONTROL VAT AMOUNT FOL DETAILS CR333 1 CRI4 7 B. Pitt 20 700 2 700 18 000 H. 3795 495 3 300 Services Homer Rendered DR28 14 D1 8000 8000 Simpson CR335 19 Cash 3 600 27 600 24 000 DR29 23 D. Patel DS 24 961 24961 DR30 26 D1 5 985 5985 Simpson 91 041 38 946 6 795 42 000 3 300
04:32
2021
General Journal of Towel Talk - February 2021
DOC
DATE DETAILS
FOL DEBIT
CREDIT
NO
JV25
23
Sales
1143
Input VAT
171
Debtors Control/D. Patel
DS
1314
(Settlement Discount of 5%)
JV26
26
Sales
274
Input VAT
41
Debtors Control/L Simpson D1
315
(Settlement Discount of 5%)
JV27
28
Credit losses
23 000
Input VAT
3 450
Debtors Control/Home
D4
26 450
Centre
(Amount written off as irrecoverable)
JV28
28
Debtors Control/Marvel Ltd
D2 ?
Interest Received
(Interest for the month on overdue
account at 10% per annum calculated
on the month end balance)
Additional information:
The cheque received from L. Simpson on the 26" February in settlement of her account
was returned by the bank marked R/D on the 28 February 2021. This transaction has not
yet been recorded.
The debtors control and debtors list was reconciled on the 31" January 2021
Transcribed Image Text:04:32 2021 General Journal of Towel Talk - February 2021 DOC DATE DETAILS FOL DEBIT CREDIT NO JV25 23 Sales 1143 Input VAT 171 Debtors Control/D. Patel DS 1314 (Settlement Discount of 5%) JV26 26 Sales 274 Input VAT 41 Debtors Control/L Simpson D1 315 (Settlement Discount of 5%) JV27 28 Credit losses 23 000 Input VAT 3 450 Debtors Control/Home D4 26 450 Centre (Amount written off as irrecoverable) JV28 28 Debtors Control/Marvel Ltd D2 ? Interest Received (Interest for the month on overdue account at 10% per annum calculated on the month end balance) Additional information: The cheque received from L. Simpson on the 26" February in settlement of her account was returned by the bank marked R/D on the 28 February 2021. This transaction has not yet been recorded. The debtors control and debtors list was reconciled on the 31" January 2021
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