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Payables control account question from BPP textbook

Forums › FIA Forums › FA1 Recording Financial Transactions Forums › Payables control account question from BPP textbook

  • This topic has 4 replies, 2 voices, and was last updated 7 years ago by thefutureaccountant.
Viewing 5 posts - 1 through 5 (of 5 total)
  • Author
    Posts
  • August 26, 2016 at 8:29 pm #335436
    thefutureaccountant
    Member
    • Topics: 8
    • Replies: 25
    • ☆

    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!

    August 27, 2016 at 10:11 am #335542
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10333
    • ☆☆☆☆☆

    It 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?

    August 27, 2016 at 5:06 pm #335586
    thefutureaccountant
    Member
    • Topics: 8
    • Replies: 25
    • ☆

    I made a mistake for the bank amount. Correct amount is
    79, 500.
    The rest of the question is posted correctly.

    August 28, 2016 at 2:57 pm #335781
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10333
    • ☆☆☆☆☆

    Then it seems to me that your answer is right and the book answer is wrong.

    August 29, 2016 at 8:17 am #335920
    thefutureaccountant
    Member
    • Topics: 8
    • Replies: 25
    • ☆

    @Ken Garrett: Alright. Thanks for your answer!

  • Author
    Posts
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