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Hi sir, would you be able to help me with the below?
‘The Payable Ledger Control account and the Payable Ledger don’t agree. A purchase Invoice has been entered into the Purchase Day Book as 594 rather $495’
I understand that a correction in the Ledger Control account needs to be done as the Control Account is the sum of all individual transactions in the Purchase Day Book, and one of these transactions is incorrect.
However, If I’m asked for the correct balance on the Payable Ledger (Not the control Account). Am I correct by saying that a correction needs to be done here as well because the the purchase invoice entered is incorrect? And If that’s the case, do any correction done in the Payable Ledger affects the Payables Ledger Control account, but not the other way around?
Thank you very much for your help
If an invoice has been entered wrongly in the day book, then the account in the payable ledger will be wrong because the wrong amount will have been entered.
The total of the day book will also be wrong, and because it is the total that is entered in the control account then the control account will be wrong also.
So the ledger and the control account will both be wrong 🙂
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