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RECEIVABLE AND PAYABLE LEDGER

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › RECEIVABLE AND PAYABLE LEDGER

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by John Moffat.
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  • Author
    Posts
  • June 15, 2021 at 10:10 pm #625373
    shaunak22
    Participant
    • Topics: 218
    • Replies: 41
    • ☆☆☆

    Q No: 20

    Whilst carrying out a reconciliation of the payables’ ledger control account with the payables’ ledger, Betty found that a purchase of goods for $575 had been recorded in the purchase day book as $557.

    How should this error be corrected in the payables’ ledger control account and the list of balances per the

    payable ledger control account list of balance

    A) Debit 18 ADD 18
    B) Credit 18 ADD 18
    C) Debit 18 SUBTRACT 18
    D) Credit 18 NO CORRECTION REQUIRED

    the correct ans shown in text is (A)

    DOUBTS – shouldnt the correct ans be (B) since if the entry in the purchase day book is understated by 18 then wouldnt it also understate the total and hence understating the balance on the payable ledger control account and so to correct this entry we should increase the payable ledger control account balance by 18 shouldn’t we?

    June 16, 2021 at 9:36 am #625409
    John Moffat
    Keymaster
    • Topics: 56
    • Replies: 51575
    • ☆☆☆☆☆

    I do not know which book you are referring to (I only have the BPP Revision Kit and this is not Q20 in that book!).

    Assuming that you have copied the question correctly, then the correct answer is indeed B.

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