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.
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Hey John,
could you tell me why “C ” entry in note is not included in control account. Thanks
At 1 April 20X9, the payables ledger control account showed a balance of $142,320.
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At the end of April the following totals are extracted from the subsidiary books for April: $
Purchases day book 183,800 Returns outwards day book 27,490 Returns inwards day book 13,240 Payments to payables, after deducting $1,430 cash discount 196,360
It is also discovered that:
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(a) the purchase day book figure is net of sales tax at 17.5%; the other figures all include sales tax.
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(b) a customer’s balance of $2,420 has been offset against his balance of $3,650 in the payables ledger.
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(c) a supplier’s account in the payables ledger, with a debit balance of $800, has been included on the list of payables as a credit balance.
What is the corrected balance on the payables ledger control account?Because it is an account in the payables ledger which is the book containing a note of how much each supplier is owed. It is not part of the double entry.
You need to watch the free lecture on Books of Prime Entry.
Hi Mr john, it puzzles me I just don’t understand why some times returns payable is included in the control account andnat other times. For example in your test 6 and 4…please explain the difference
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