Fram A 2020 – Assignment 4 Receivables & Payables Question (46 MARKS) Sunjang Equipment is a professional bicycle store. The following information was obtained from their records: Balances on 1 Ap

Economic System

Fram A 2020 – Assignment 4Receivables & Payables Question (46 MARKS)Sunjang Equipment is a professional bicycle store. The following information was obtained fromtheir records:Balances on 1 April 2020:RDebits: Receivables ledger 60 000Payables ledger 3 000Credits: Receivables ledger 3 750Payables ledger 22 500Allowance for credit losses 6 000Balances on 30 April 2020:RDebits: Receivables ledger 94 950Payables ledger 5 250Credits: Receivables ledger 4 500Payables ledger 27 300Allowance for credit losses 9 495Transactions for the month ended 30 April 2020:RCredit sales 258 000Payment received from receivables 167 700Bad debts written off 15 750Credit purchases 133 500Cash purchases 82 500Cash sales 51 000Returns (in) 64 500Returns (out) 16 500Payment made to payables 114 450Deposit made received from receivables returned by bank 13 500Interest charged to receivables 10 650REQUIRED:a) Prepare the following ledger accounts:• Receivables control (18)• Payables control (15)b) Present Receivables and Payables on the statement of financial position of on30 April 2020. (13)Please note: Sunjang Equipment is NOT registered for VAT purposes

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