• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
Free ACCA & CIMA online courses from OpenTuition

Free ACCA & CIMA online courses from OpenTuition

Free Notes, Lectures, Tests and Forums for ACCA and CIMA exams

  • ACCA
  • CIMA
  • FIA
  • OBU
  • Books
  • Forums
  • Ask AI
  • Search
  • Register
  • Login
  • ACCA Forums
  • Ask ACCA Tutor
  • CIMA Forums
  • Ask CIMA Tutor
  • FIA
  • OBU
  • Buy/Sell Books
  • All Forums
  • Latest Topics

20% off ACCA & CIMA Books

OpenTuition recommends the new interactive BPP books for December 2025 exams.
Get your discount code >>

control accounts

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › control accounts

  • This topic has 1 reply, 2 voices, and was last updated 7 years ago by John Moffat.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • April 19, 2018 at 9:13 am #448112
    suleymanabuzerli
    Member
    • Topics: 84
    • Replies: 32
    • ☆☆

    A receivables ledger account had a closing balance of 8500$. It contained a contra to the payables ledger of 400$,but this had been entered on the wrong side of the control account.
    what should be the correct balance on the control account?

    the answer is 7700$debit
    but l can not undersand the solution way please explain,Sir

    April 19, 2018 at 1:39 pm #448136
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54752
    • ☆☆☆☆☆

    The contra entry always reduced receivables and reduces payables.

    Therefore they should have credited receivables.

    In error they have debited receivables. To correct it, we need to credit receivables with 400 to cancel the wrong debit. Then we need to credit again with 400 which is what should have happened.

    So in total we credit receivables with 800, which reduces the receivables balance to 7,700.

    Have you watched my free lectures on this? The lectures are a complete free course for Paper F3 and cover everything needed to be able to pass the exam well.

  • Author
    Posts
Viewing 2 posts - 1 through 2 (of 2 total)
  • You must be logged in to reply to this topic.
Log In

Primary Sidebar

Donate
If you have benefited from our materials, please donate

ACCA News:

ACCA My Exam Performance for non-variant

Applied Skills exams is available NOW

ACCA Options:  “Read the Mind of the Marker” articles

Subscribe to ACCA’s Student Accountant Direct

ACCA CBE 2025 Exams

How was your exam, and what was the exam result?

BT CBE exam was.. | MA CBE exam was..
FA CBE exam was.. | LW CBE exam was..

Donate

If you have benefited from OpenTuition please donate.

PQ Magazine

Latest Comments

  • Sylviazxy on CIMA B3 Introduction to Accounting
  • Mascuud on FA Chapter 2 Questions The Statement of Financial Position and Statement of Profit or Loss
  • mirzayasir4@gmail.com on Business Documentation – ACCA Financial Accounting (FA) lectures
  • John Moffat on FA Chapter 23 Questions Group Accounts The Consolidated Statement of Financial Position (2)
  • John Moffat on PM Chapter 1 Questions Activity based costing

Copyright © 2025 · Support · Contact · Advertising · OpenLicense · About · Sitemap · Comments · Log in