Correct figure for total receivables at the end of the year: $25200
Reconciliation | |
Balance on the Receivables Ledger Control Account | 26100 |
Add: Contra with payables | 100 |
Less: Sales day book overcast | -1000 |
Correct balance $ | 25200 |
List of balances extracted from Receivables Ledger | 25500 |
Add: Owing from Alex earlier omitted | 1200 |
Add: Contra with payables | 100 |
Less: Credit balance wrongly listed as debit | -1600 |
Correct balance $ | 25200 |
Example 2 At the end of the year, the balance on the Receivables Ledger Control Account...
RECEIVABLES CONTROL ACCOUNT RECONCILIATION Hercules Ltd. sells bathroom fittings on credit to most of its customers. In order to control its debt collection system, the company maintains a trade receivables ledger control account. In preparing the accounts for the year to 31 July 2017 the accountant discovers that the total of all the personal accounts in the trade receivables’ ledger amounts to total £ 12,802 whereas the control account balance discloses a balance of £ 12,550. Upon investigation the following...
Problem 86 In the books of Beveridge Ltd the creditors ledger control account shows as at 31 December 2017 a credit balance of £321,700. The list of individual creditors' balances extracted from the creditors ledger on the same date shows credit balances totaling £330,800. The following errors have been identified since then: (1) A debit balance of £1,700 in a supplier's account has been listed in error as a credit balance. (2) A credit note received from a supplier for...
Premiere Textile Limited SALES LEDGER CONTROL ACCOUNT RECONCILIATION Assume that you are working as a Receivale and Payable Control Maanger in Premiere Textile Limited for last 2 years. Now the financial year 2019 has just ended but the balances of the subsidiary legders of the Debtors...
You are a newly appointed Accounts Receivable Manager of FTL Limited which uses a sales day book to record its sales. A sales ledger control account is maintained in the general ledger whereas a debtors subsidiary ledger is maintained sepaartely. On December 31, 2017 the total of the list of debtors is amounting to £ 301,000 as per debotors subsidiary ledger did not agree with the balance in the Sales Ledgr Control Account whoch showed a balance of £ 345,000....
At 31 October the balance on the payables control account in Mark’s general ledger is $79,850 and the total of the list of balances on the personal accounts is $79,310. Mark has discovered that the difference is because a payment for $60 was entered correctly in the day book but was recorded as $600 on the supplier’s account. Required: Calculate the correct value of creditors to be reported on Mark statement of financial position at 31 October. (10 marks)
DEBTORS RECONCILITION FTL LIMITED You are a newly appointed Accounts Receivable Manager of FTL Limited which uses a sales day book to record its sales. A sales ledger control account is maintained in the general ledger whereas...
DEBTORS RECONCILITION FTL LIMITED You are a newly appointed Accounts Receivable Manager of FTL Limited which uses a sales day book to record its sales. A sales ledger control account is maintained in the general ledger whereas...
QUESTION FIVE The following information was obtained from the financial records of J Moody. The information is in respect of month ended 31 May 2020. R The following are totals extracted from the relevant journals for the month ended 31 May 2020: Sales journal (Trade receivables column). 41 000 Cash receipts journal: Trade receivables column 34 720 Settlement discount granted column 2 940 Sales returns journal (Trade receivables column). 3 280 Purchases journal (Trade payables column). 26 840 Purchases returns...
Jones Ltd Trial Balance at 30 September 20X0 included: Debit $ Credit $ Receivables ledger control account 90,350 Allowance for doubtful debts brought forward 2,490 The following information is also available: (1) No entries have been made in respect of cash of $1,320 received from Marylyn Ltd whose balance had been written off last year, and 2) At 30 September 20X0 an irrecoverable balance of $1,950 is to be written off and the receivable allowance is to be adjusted to...
On September 1, the balance of the Accounts Receivable control account in the general ledger of Montgomery Company was $10,520. The customers’ subsidiary ledger contained account balances as follows: Hurley $1,450, Andino $2,290, Fowler $2,080, and Sogard $4,700. At the end of September, the various journals contained the following information. Sales journal: Sales to Sogard $750, to Hurley $1,100, to Giambi $1,360, and to Fowler $1,120. Cash receipts journal: Cash received from Fowler $1,370, from Sogard $2,130, from Giambi $330,...