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1. In question 15.19, when reporting payables ledger control account to the statement of financial position, why does it not include the credit balance omitted?
2. In question 15.15, how do you determine whether the error can be corrected by journal entries or not?
3. What does it mean by returns outward/inward?
4. Do you not adjust the ‘debit balance accidentally written as credit’ error in the payables ledger control account (question 15.14)?
Thank you for your help!
1. The balance omitted is in the payables ledger and it is therefore only the payables ledger total that is wrong. You need to watch my lectures on Books of Prime Entry.
2. It depends whether the entries in the nominal/general ledger are wrong or not. Again, you need to watch my free lectures on Books of Prime Entry.
3. Returns outwards are returns to suppliers. Returns inwards are returns from customers. You need to watch my lectures on Control Accounts.
4. The payables ledger is separate from the payables control account – an error in the ledger does not mean the control account is wrong. You need to watch my lectures on Books of Prime Entry.
If you can not be bothered to watch the lectures, then you really cannot expect me to spend time in future answering basic questions that are explained in full in the lectures.
Thank you so much sir.
I am very sorry to annoy you with such fundamental questions.
I will try to answer myself questions after re-watching the lectures.
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