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Control accounts

Aabi11y ago
Dear Tutor, 1. What will be the balance on payable control account Opening Balance : 86300 cr Discount Received: 6400 Cash paid to supplier: 234500 Credit note received: 10400 Credit Purchases: 258200 2.What will be the balance of cash account if all the transaction is in Cash Opening Balance: 365 Sales receipts in Cash : 45780 Banked money: 38175 Salaries and wages in cash: 2200 Rent paid in cash: 4560
John MoffatJohn MoffatTutor11y ago#1
Presumably, wherever you found these questions also has the answers! Please don't just ask me for an answer - say what your problem is and then I will try and help. The answer to 1 is 93,200 The answer to 2 is 1,210
Aabi11y ago#2
Sorry John , The problem in question 1 is which side the Credit notes received belongs to Payable Control account? I though it should be on debit side of payable control account? The problem in the question 2 is which side of cash account the Banked money goes to. I have put it to the Debit side but the couldn't get the calculation. Later on I thought that money is going out from cash account while banking so must be put it into credit side of Cash Account. Please advise...thanks
John MoffatJohn MoffatTutor11y ago#3
With question 1, yes - the credit note received should be on the debit side of the payables. For question 2, yes again :-) When you bank the cash you Cr Cash and Dr Bank
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