Accounting and finance functions QUESTION!!!

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  • Avatar of mayfikry
    mayfikry
    Participant
    • Topics: 18
    • Replies: 23

    QUESTION:

    The Sales Day Book for X limited listing the sales made on credit for the month of January 20X1 was as follows:-

    SALES DAY BOOK

    DATE CUSTOMER Invoice Total Sales VAT
    $ $ $

    3/1 A Ltd 1,100 1,000 100
    5/1 B Ltd 3,300 3000 300
    7/1 C Ltd 2,200 2000 200
    14/1 D Ltd 3,300 3,000 300

    What numbers would be posted to the ledger accounts at the end of January 20X1?

    ANSWER ACCORDING TO Kaplan

    total invoice total=$14,300 would be posted to Accounts receivable.
    Total sales=$13,000 would be posted to the Sales Account.
    Total VAT on sales=$1,300 would be posted to the VAT account.

    ok so i do understand where each transaction goes to, but I don’t understand where they arrived at these total figures,

    someone please explain?


    Avatar of gromit
    gromit
    Participant
    • Topics: 1
    • Replies: 1478

    Looks like a misprint:

    I would suggest:

    DR accounts receivable 9,900
    CR VAT 900
    CR Sales 9000

    (by the way, I think you should have posted this to the F3 forum) :-)


    avatar
    shimmer
    Participant
    • Topics: 9
    • Replies: 85

    @gromit said:
    Looks like a misprint:

    I would suggest:

    DR accounts receivable 9,900
    CR VAT 900
    CR Sales 9000

    (by the way, I think you should have posted this to the F3 forum) :-)

    Even I think what you’ve mentioned is correct. There seems to b sth wrong with the figures in the qn.

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