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Please explain me sir how the answer comes ‘A’.

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Please explain me sir how the answer comes ‘A’.

  • This topic has 1 reply, 2 voices, and was last updated 12 months ago by John Moffat.
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  • June 27, 2021 at 2:52 pm #626472
    Manjot.10k
    • Topics: 1
    • Replies: 3
    • ☆

    A business had a receivables’ ledger control account did not agree with the total of the
    balances on the receivables’ ledger. An investigation revealed that the sales day book had
    been overcast by $10.  
    What effect will this have on the receivables’ ledger control account?
    A The control account should be credited with $10
    B The control account should be debited with $10
    C The control account should be credited with $20
    D The control account should be debited with $20

    June 28, 2021 at 5:55 am #626497
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 49583
    • ☆☆☆☆☆

    The total from the day book will have been entered on the debit side of the control account.

    However the total had been overcast and so was more that it really should have been. Therefore the total entered in the control account needs to be reduced by $10 and we do this by crediting the control account.

    Have you watched my free lectures on Books of Prime Entry? The lectures are a complete free course for Paper FA and cover everything needed to be able to pass the exam well.

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