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John Moffat.
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ThaeJulyOo257
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An accountant of XYZ Co extracted a balance of $85105 from the trade payable control account. Which carrying out a reconciliation of the balances on the accounts payable control account with the list of balances on the payable ledger, the following errors were identified
– Discount received of $32 had been recorded as a discount allowed
– A repayment to a credit supplier for $55 had been made from petty cash but had not been recorded in the PLCA
– The purchase day book was overcast by $900
– Goods costing $140 had been returned to the supplier but this transition had not been recorded.What is the balance on the PLCS after adjusting these errors?
1. 85778
2. 83978
3. 84088
4. 83946When I solve this question, I always got the wrong answers. Can you pls help me, sir?
John Moffat
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The discount received will reduce the balance owing.
The payment to the supplied will reduce the balance owing.
Correcting the overcast in the purchase day book will reduce the balance owing.
The return to the supplied will reduce the balance owing.
Have you watched my free lectures on this? The lectures are a complete free course for Paper FA and cover everything needed to be able to pass the exam well.
ThaeJulyOo257
- Topics: 10
- Replies: 6
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Thank you for answering, sir! So the answer is 2?
John Moffat
- Topics: 57
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Yes.
ThaeJulyOo257
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