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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.
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  • 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: 54699
    • ☆☆☆☆☆

    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.

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