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Hi Mr John
Can you pls check my workings . I can’t find the answer
Receivable ledger control account at 1 may had balance of 32.750 debit and and 1275 credit .
During may sales of 125.000 were made on credit . Receipt from receivable amounted to 122.500 and cash discount of 550 were allowed. Refund 1300 were made to customer , closing credit balance is 2000$ . What is the closing debit balance at 31 may ?I know I’m wrong but I don’t know where .
( 32750+125.000)- (1275+122.500+550+1.300+2000 )
Many ThanksWhy are you attempting questions for which you do not have the answer? You should be using a Revision Kit from one of the ACCA approved publishers.
You have made two mistakes:
The entry for a refund to a customer is Cr Cash and Dr Receivables (I explain refunds in my free lectures).
To end up with a credit balance, the $2,000 is carried forward from the debit side.
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