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Receivable Control Recon question

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Receivable Control Recon question

  • This topic has 1 reply, 2 voices, and was last updated 11 years ago by John Moffat.
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  • February 20, 2014 at 1:21 pm #159548
    mansoor
    Participant
    • Topics: 424
    • Replies: 542
    • ☆☆☆☆

    Control ac balance: 35100
    ledger balance: 36500

    errors:

    1.credit balance of 350 was included in the list of balances as a debit balance

    2. refund of 125 has not been posted to the recv. control ac

    3. one page of sales daybook was undercast by 575

    what is the reconciled balance?

    i got the right answer by 36500-700=35800

    but my control ac recon was 35100-125+575.

    it shd have been 35100+125+575

    i take a REFUND to mean that we are giving the entity is giving a refund to the customer thus the balance shd decrease.

    why is it being added?

    February 21, 2014 at 5:08 pm #159739
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54699
    • ☆☆☆☆☆

    A refund is a repayment of cash to the customer (maybe, for example, the customer paid us too much by mistake, so we are repaying the amount overpaid).

    When we receive cash we DR cash and CR receivables.

    If we repay some of that cash, we CR cash and DR receivables

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