FA1 Control Account Reconciliation Question.

Prepare Exelan’s receivables ledger control account, using the information below:

Purchases for the year 361,947
Sales 472,185
Return Inwards 41,226
Return Outwards 16,979
Irrecoverable debts written off 1,914
Discounts Allowed 2,672
Discounts Received 1,864
Cheques paid to suppliers 342,791
Cheques received from customers 429,185

At the close of business on 30 Nov 2008 total receivables came to $50,241.

An intern Peter Blackwell provides you with the total individual balances in the receivables ledger. He provides you with the following listing which he prepared.

Bury 7500
P Fox (Swindon) 2000
Frank Wrendlebury 4297
D Richardson 6847
Ultra 783
Lawrenson 3765
Walkers 4091
P Fox (Swindon) 2000
Whitchurch 8112
Ron Bradbury 5910
Anderson 1442
Total individual balances $ 46,347

The following errors have been found:

i. A sales invoice for $267 sent to Whitchurch was correctly entered in the day book but had not been posted to the account for Whitchurch in the receivables ledger.

ii. One of the errors made by Peter Johnson was to omit the $2,435 balance of Rectofon from the list.

iii. A credit not for $95 sent to Bury had been correctly entered in the day book but was entered in the account in the receivable ledger as $75

Prepare a statement reconciling the $46,347 total provided, with the balance of your own receivables ledger control account.

PS: I did the account receivables control a/c and the balance c/d that I got is $ 47 429. I’m a bit lost when it comes to the reconciliation. Any answers given will be greatly appreciated. Thank you.