- This topic has 1 reply, 2 voices, and was last updated 8 years ago by
.
- Posts
Dear Mike
Good morning sir
Thanks for your kind answer before.
I refer to Kaplan text book F7.
The only thing i can do is to sigh…
Really bunch of errors….
I am sure that this is also other error.
The receivables of Bacup include an amount owing from Townley of 250000.
This does not agree with the corresponding amount in the books of Townley due to a cash payment of 50000 made on 29 march 2007, which had not been received by Bacup at the year end.My intra and cash transit ledgers are below
Dr payable 250000
Dr receivables 250000
Cash transit
Dr cash 50000
Cr receivables 50000But they said
Dr payable 250000
Cr receivable 250000
Cash transit
Dr cash 50000
Cr payable 50000Help me sir….
Regard
Your student HanBoth wrong from what I can see!
“They said:
Dr payable 250000
Cr receivable 250000
Cash transit
Dr cash 50000
Cr payable 50000”The last line should be Cr Receivables 50,000
You said:
“Dr payable 250000
Dr receivables 250000
Cash transit
Dr cash 50000
Cr receivables 50000”The second line should be Credit Receivables 250,000, not Debit Receivables 250,000
OK?
- The topic ‘Cash transit’ is closed to new replies.