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Kaplan control accounts

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

  • This topic has 6 replies, 2 voices, and was last updated 8 years ago by John Moffat.
Viewing 7 posts - 1 through 7 (of 7 total)
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  • August 15, 2016 at 3:35 pm #333331
    firelion28
    Member
    • Topics: 159
    • Replies: 83
    • ☆☆☆

    In reconciling the receivables ledger control account with the list of receivables ledger balances of SK, the following errors were found:

    1. THe sales day book had been overcast by 370
    2. A total of 940 from the cash receipts book had been recorded in the receivables ledger control account

    WHat adjustments must be done
    A Credit sales control account 820 and decrease total of receivables ledger balances by 820

    B Credit sales control account 820. No change in total of receivables ledger balances

    C Debit sales control accont 80 . No change in total of receivables ledger balances

    D Debit sales control account 80 and increase total receivables ledger balances by 80

    Sir I am unable to understand this question at all. According to me I feel that the receivables balances should be creditied with 820, but what aboyt the sales.

    Please explain as to what should the asnwer be and why

    THanks

    August 15, 2016 at 4:54 pm #333364
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54681
    • ☆☆☆☆☆

    I do not have Kaplan books – only BPP – and therefore I cannot check the exact question. However either you have copied error (2) wrongly, or Kaplan have printed it wrongly. As you have written it there is not mention of any error.

    With regard to error (1) then the correction would be to credit the receivables ledger control account with $370 (and debit sales with the same account).

    Where you (or Kaplan) get 820 from defeats me – on what you have typed then 820 cannot possibly appear as an adjustment anywhere!

    August 15, 2016 at 7:55 pm #333398
    firelion28
    Member
    • Topics: 159
    • Replies: 83
    • ☆☆☆

    No Sir, that is the question itself. pretty weird one though

    August 15, 2016 at 7:58 pm #333399
    firelion28
    Member
    • Topics: 159
    • Replies: 83
    • ☆☆☆

    Sorry Sir, I could not complete the errors.

    THe errors are as follows-

    1. THe sales day book had been overcast by 370
    2. A total of 940 from the cash receipts book had been recorded in the receivables ledger control account as 490

    August 16, 2016 at 4:50 am #333438
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54681
    • ☆☆☆☆☆

    Now it makes sense!!

    As I wrote before, for error (1) the correct is to credit receivables ledger control with 370 (and debit sales with 370, but the question does not ask what correction is made to sales).

    For error (2), the control has been credited with 490 but it should have been credited with 940. So we need to credit with an extra 450 (940 – 490).

    So the two together means crediting the receivables ledger control with 370 + 450 = 820.

    Neither of the errors will affect the individual accounts in the receivables ledger, because i the receivables ledger each individual item is entered – the totals of the books are not relevant.

    So the correct answer is B

    August 16, 2016 at 12:45 pm #333523
    firelion28
    Member
    • Topics: 159
    • Replies: 83
    • ☆☆☆

    Thanks for your reply Sir, But we will have to credit the recievables ledger control account and not the sales, so why does the answer say B??

    B Credit sales control account 820. No change in total of receivables ledger balances

    August 16, 2016 at 3:57 pm #333612
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54681
    • ☆☆☆☆☆

    Sales control account is another name for the receivable ledger control account (although Kaplan should not use that name!).

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