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

PQ Awards Nominations

Please help us to win one of the PQ Magazine awards and send in the voting form >>
You can nominate us in any or all of the following categories: Online College of the Year, Study Resource of the Year, Private Sector Lecturer of the Year, and Accountancy Personality of the Year.

Specially for OpenTuition students: 20% off BPP Books for ACCA & CIMA exams – Get your BPP Discount Code >>

correction of error

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › correction of error

  • This topic has 3 replies, 2 voices, and was last updated 1 year ago by John Moffat.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • October 9, 2021 at 2:30 am #637275
    jcafelatte
    Member
    • Topics: 14
    • Replies: 8
    • ☆

    the debit side of a trial balance totals $50 more than the credit side. which of the following could it be due to?

    A. a purchase of goods for $50 being omitted from the payables control account
    B. a sales of goods for $50 being omitted from the receivables control account
    C. an invoice of $25 for electricity being credited to the electicity account
    D. a receipt of $50 from a customer being omitted from the cash book

    For A, i know its because there should be a credit in the payables control account. if credit is missing then the total credits will be too low hence total debits will be higher than total credits. but i dont understand how the lower in credits in the payables control account can lead to a lower in credits in the trial balance. mr john moffat kindly pls explain thank you

    October 9, 2021 at 7:58 am #637283
    John Moffat
    Keymaster
    • Topics: 56
    • Replies: 51583
    • ☆☆☆☆☆

    The trial balance is a list of the balances on the accounts.

    The balance on the payables account is always a credit balance, and if a credit of $50 is missing from the account then the credit balance will be $50 lower than it should be.

    Therefore the total of the credit balances on the trial balance will be $50 too low, and the debit side will be $50 higher than the credit side.

    October 9, 2021 at 11:16 am #637338
    jcafelatte
    Member
    • Topics: 14
    • Replies: 8
    • ☆

    okay. but can you explain the options A B C D one by one ? especially like what are the double entries …. because i really not sure how to do it and what they are. thank you.

    October 9, 2021 at 2:14 pm #637347
    John Moffat
    Keymaster
    • Topics: 56
    • Replies: 51583
    • ☆☆☆☆☆

    It is obvious that you are not watching our free lectures, otherwise you would know what all of the entries were. It is completely pointless attempting questions until you have finished studying all the topics.

    I will answer this question, but I am not prepared to answer more questions like this. If you are not prepared to watch the lectures then you cannot expect me to be prepared to type out the lectures here.

    The correct entries should have been:

    A: Dr Purchases; Cr Purchase ledger control
    B: Dr Receivables ledger control; Cr Sales
    C: Dr Electricity; Cr Cash
    D: Dr Cash; Cr Sales (if a cash sale) or Cr Receivables (if it had been a credit sale).

  • Author
    Posts
Viewing 4 posts - 1 through 4 (of 4 total)
  • You must be logged in to reply to this topic.
Log In

Primary Sidebar

ACCA News:

 

ACCA My Exam Performance for non-variant Applied Skills exams is available NOW

NEW! Download the ACCA Pass Guide

FREE Verifiable CPD for ACCA Members

ACCA mock exams and debrief videos

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

Subscribe to ACCA’s Student Accountant Direct

Donate

If you have benefited from OpenTuition please donate.

ACCA CBE 2023 Exams

Instant Poll * How was your exam, and what was the result?

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

Specially for OpenTuition students

20% off BPP Books

Get BPP Discount Code

Latest comments

  • tobimillz100 on Activity Based Costing part 1 – ACCA Performance Management (PM)
  • omarcham on IASB Conceptual Framework – Introduction – ACCA Financial Reporting (FR)
  • Iby2012 on Introduction to Financial Accounting – ACCA Financial Accounting (FA) lectures
  • Iby2012 on Introduction to Financial Accounting – ACCA Financial Accounting (FA) lectures
  • ANISH1903 on Outsourcing, shared services and disruptive technologies – ACCA Strategic Business Leader (SBL)

Copyright © 2023 · Support · Contact · Advertising · OpenLicense · About · Sitemap · Comments · Log in


We use cookies to show you relevant advertising, find out more: Privacy Policy · Cookie Policy