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Viewing 4 posts - 1 through 4 (of 4 total)
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  • December 2, 2015 at 10:49 pm #287087
    72c11e66f5afab6d5c2466316f46b2921b2b1578df895c33787d68931e095105 80burazstarac
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    Ah, OK I think I got it… Thank you kind Sir.

    December 2, 2015 at 9:41 am #286928
    72c11e66f5afab6d5c2466316f46b2921b2b1578df895c33787d68931e095105 80burazstarac
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    Hey, what about those 2340 bank charges that have not been entered in the cash book? How come they are ignored in the calculation? Shouldn’t they reduce the cash account?

    December 1, 2015 at 7:01 pm #286820
    72c11e66f5afab6d5c2466316f46b2921b2b1578df895c33787d68931e095105 80burazstarac
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    Thank you for your reply… I think I figured it out… Basically we receive refund only if we already paid, or overpaid. But since I already paid, what does the payables account have to do with it anymore?
    It means that it was something from the past, a past debit balance on the payable account. I overpaid and there was a debit balance on the account for that supplier and now he repays me and just clears out that debit. I think that’s it.

    December 1, 2015 at 2:19 pm #286732
    72c11e66f5afab6d5c2466316f46b2921b2b1578df895c33787d68931e095105 80burazstarac
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    I don’t get it…
    It’s the question 202 from the exam book, there is a payables ledger control account with errors and we are supposed to fix it. On the debit side, one of the items is “Refunds received from suppliers” and it is supposed to be on the credit side.

    A credit purshase is:

    Dr Purchases – Cr Payables,

    and a purchase return is:

    Dr Payables – Cr Purchase returns.

    So a money actually coming in from the supplier would be Dr Cash – (again) Cr Payables? How in the world does that balance the palyables account?

    What am I missing?

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