Hello,
Can someone, please, explain to me why the answer on page 306 is 16,920 and not 12,970?
Here is the question prompt:
A payables control account contains the following entries.
$
Bank 79,520
Credit purchases 83,200
Discount received 3,750
Balance c/f at 31 December 20X8 12,920
There are no other entries in the account. What was the opening balance brought forward at 1 January 20X8?
Kindly provide me a step by step explanation on how to find the answer.
Many thanks!
FIA Forums
Payables control account question from BPP textbook
9y ago#1It is difficult to set out a T account here, but this is my best effort:
Payables control
Dr Cr
B/d balance X
Bank 79,520
Credit purchases 83,200
Discount recd 3,750
Bal c/d 12,920
Totals 96,190 96,190
Balance b/d should therefore be 12,990 to make both sides balance.
So, I get neither of the answers you quote. Have you copied the question correctly?
I made a mistake for the bank amount. Correct amount is
79, 500.
The rest of the question is posted correctly.
9y ago#3Then it seems to me that your answer is right and the book answer is wrong.
@Ken Garrett: Alright. Thanks for your answer!
Sign into reply to this topic.