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Emily is a sole trader. Emily’s payables ledger control account shows a balance of $24,903 which does not agree with the payables ledger. She has found three errors:
A purchase invoice has been entered into the purchase day book as $594 rather than $495
The purchase day book has been undercast by $200
Discounts received of $150 from credit suppliers have not been entered in the control account
What is the corrected payables ledger control account balance?
why is purch inv 99 recorded on the debit side?
We credit payables and debit purchases with the total from the purchase day book,
An invoice has been listed in the day book at $99 too much (594 – 495). Therefore the total of the day book will be $99 too much and so we will have credited payables with 99 too much.
To correct it we need to debit payables with $99.
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