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PLCA

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › PLCA

  • This topic has 3 replies, 2 voices, and was last updated 7 months ago by John Moffat.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • July 11, 2022 at 9:16 am #660274
    ThaeJulyOo257
    Member
    • Topics: 10
    • Replies: 6
    • ☆

    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. 83946

    When I solve this question, I always got the wrong answers. Can you pls help me, sir?

    July 11, 2022 at 9:26 am #660277
    John Moffat
    Keymaster
    • Topics: 56
    • Replies: 51582
    • ☆☆☆☆☆

    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.

    July 11, 2022 at 10:49 am #660285
    ThaeJulyOo257
    Member
    • Topics: 10
    • Replies: 6
    • ☆

    Thank you for answering, sir! So the answer is 2?

    July 11, 2022 at 3:44 pm #660304
    John Moffat
    Keymaster
    • Topics: 56
    • Replies: 51582
    • ☆☆☆☆☆

    Yes.

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