Neco 2022 Financial Accounting Question 8

Alpha Traders Ltd. maintains separate subsidiary ledgers for its customers (sales ledger) and suppliers (purchases ledger). The following summary data for the month of April are extracted from the subsidiary ledgers and the trial balance: **Sales Ledger**\n- Opening balance (debit): ₦ 68,200\n- Credit sales recorded during the month: ₦ 215,400\n- Cash receipts from customers: ₦ 180,750\n- Sales returns (goods returned by customers): ₦ 7,500\n- Discount allowed to customers: ₦ 3,200\n- Closing balance shown in the trial balance (debit): ₦ 92,350\n\n**Purchases Ledger**\n- Opening balance (credit): ₦ 54,600\n- Credit purchases recorded during the month: ₦ 132,800\n- Cash payments to suppliers: ₦ 118,900\n- Purchase returns (goods returned to suppliers): ₦ 4,600\n- Discount received from suppliers: ₦ 2,100\n- Closing balance shown in the trial balance (credit): ₦ 61,200\n\nThe trial balance also shows a **Sales Ledger Control Account** balance of ₦ 94,150 (debit) and a **Purchases Ledger Control Account** balance of ₦ 59,800 (credit). Using the above information, answer the following: a) Prepare the Sales Ledger Control Account for April, showing all entries and compute the balance. State any discrepancy between the computed balance and the trial‑balance figure. b) Prepare the Purchases Ledger Control Account for April, showing all entries and compute the balance. State any discrepancy between the computed balance and the trial‑balance figure. c) Identify and explain two possible reasons for the discrepancy observed in each control account.