- May 25, 2018 at 10:47 pm
Good day sir
there are few question which i had problem in understanding the solution of as Acca has not provided with proper solved answers to the question
1) The following transactions relate to Rashid’s electricity expense ledger account for the year ended 30 June 20X9.
Prepayment brought forward
Accrual carried forward
What amount should be charged to the statement of profit or loss in the year ended 30 June 20X9 for electricity?
2)The petty cash book balance of $500 had been omitted from the trial balance .
Which of the errors will require an entry to the suspense account to correct them?
Sir what will be the Correct and Rectified double entry for this transaction?
3)The following control account has been prepared by a trainee accountant.
Receivables ledger control account
Cash received from credit customers
Discounts allowed to credit customers
Interest charged on overdue accounts
Contras against credit balances in payables ledger
Irrecoverable debts written off
Allowance for receivables
What should the closing balance be when all the errors made in preparing the receivables ledger control account have been corrected?
In this question sir only i have to ask what does ‘ interest charged on overdue account means? and why is it debited in receivables accounts
4) Bumbly Co extracted the trial balance for the year ended 31 December 20X7. The total of the debits exceeded the credits by $300.
Which of the following could explain the imbalance?
The bank ledger account did not agree with the bank statement by a debit of $300
Discounts allowed of $150 was extracted to the debit column of the trial balance
Discounts received of $150 was extracted to the debit column of the trial balance
Sales of $300 were omitted from the sales day book
Sir kindly what will be correct entries and rectified for all of the 4 mentioned above , just for understanding.May 25, 2018 at 11:04 pm
You can get answers for all your doubts in this link: https://opentuition.com/acca/f3/acca-f3-revision/ as the Sir has explained everything nicely in the videos!May 25, 2018 at 11:14 pm
ohh…thank you so much dint know about itMay 26, 2018 at 9:37 am
Thank you farah92 🙂
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