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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: 2582002.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: 4560Presumably, 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
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
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