Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Differences between accounts
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- November 17, 2017 at 5:03 pm #416298
Hi My Dear Tutor, I have a question and will have several questions after this post because I will have exam to EY on Monday. revise f3 paper
Alpha buys goods from Beta.At 30 June 20×5 Beta’s account in Alpha’s records showed 5700 owing to Beta.Beta Submitted a statement to Alpha as at the same date showing a balance due of 5200.
Which one of the following could account fully for the differences.
A)Alpha has sent a cheque to Beta for 500$ which has not yet been received by Beta
B)The credit side of Beta’s account Alpa’s records has been undercast by 500
C)An invoice for 250 from Beta has been treated inAlpha’s records as if it had been a credit note
D)Beta has issued a credit note for 500 to Alpha which Alpha has not yet receivedIn alpha’s record beta’s account shows 5700 owing to Beta but how Beta could you a statement showing balance due of 5200?
The answer shows d.
From my understanding there has occurred any return and Beta issued credit note but Alpha has not received it that is why it shows 5700 in its Account.Did i get right?Could you explain it ?
November 18, 2017 at 7:31 am #416373Before the credit note, alpha would show 5700 owing to beta, and beta would show 5700 owing from alpha.
Alpha have issued a credit note and entered it in their books, so they now show beta as owing them only 5200.
However alpha has not yer received the credit note, and so they have not entered it and still show 5700 owing to beta.
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