[ruhull]

Thank you for your reply. These questions were on my test, and I made mistakes. There are no answers to them, so I hoped this resource will help me to understand where I made these mistakes. You have already helped me a lot, so thank you.

Where I can find your free lectures connected with reconciliation?

[ruhull]

Ok, then. But don’t blame me.

Payable control account:
22550
1200
(1000)
(1590)
(10)
———
21150

List of balances:
20650
500
———
21150

Correct? If not, where is my mistake?

[ruhull]

Thanks a lot for your reply. I had another answer, because I have difficulties distinguishing receivable control account balance, payable control account balance, list of balances, ledger balance etc. So I don’t fully understand what is going on there. For instance, in this question we have control payable accounts and payable ledger:
At 31 December 2011 Mary had a balance on the payables control account of
$22,550. The balance on their payables ledger was $20,650. The accountant found
the following discrepancies:
1. An invoice of $1,200 had been omitted from the control account.
2. The purchase day book total was overstated by $1,000.
3. Goods returned of $1,590 had not been recorded in the control account.
4. Discounts received of $10 had not been posted in the control account.
5. Contra entries of $500 need to be recorded in the control account.
Should I solve it the same way, as in reply above? And what answer will we get?

[ruhull]

I have the following quiestion:
Mary has a debit balance of $72,266 on the trade receivables control account,
which does not equal to the list of receivables balances figure of $70,659. The
accountant Jam found the following differences:
1. A contra of $7,296 with the trade payables control account was entered on the
wrong side of the trade receivables control account.
2. The sales day book was overcast by $2,500.
3. Discounts totaling $36,015 have been omitted from the control account.
4. A debt of $3,000 needs to written off and an allowance for receivables needs to
be adjusted to 2% of the remaining receivables balance.
5. A cash receipt for $20,000 has been omitted from the individual customers
account.
6. A customer invoice of $3,500 was entered into the ledger account as $35,000.

How to solve it and write correctly during exams? I got $82470, but i am not sure about it.

[Author]

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