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Recievable control account reconcilation

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Recievable control account reconcilation

  • This topic has 3 replies, 2 voices, and was last updated 4 years ago by John Moffat.
Viewing 4 posts - 1 through 4 (of 4 total)
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    Posts
  • February 20, 2021 at 8:46 am #611059
    andreaskraken
    Member
    • Topics: 57
    • Replies: 30
    • ☆☆

    Good day to you

    I came across a question that was in regard with reconcilations of the control account

    Which of the following errors should be identified by performing a recievables control account reconcilation?

    A A sales invoice of $500 has been omitted from the sales daybook
    B A sales return of $45 entered as $54 in the sales return daybook
    C Purchases of $72 were entered as sales returns in the sales returns daybook and the indivual account
    D The total of the sales daybook was miscast by $200

    The correct answer was D but my answer was A

    First of all I eliminated the options B and C because….B was referring to a sales return book..(So far I son’t think thats relevant to a sales control account or the indivual balances)
    I eliminated C because it was talking about entering wrong figures in the sales return daybook and not the control account

    Then for me choosing the wrong answer..this was the approach I took as follows below
    It said that the the sales invoice was omitted from the daybook so I assumed that the figure was entered in the ledger balances(the indivual balances) but not in the control account. Hence there would be a difference obviously in both the control and ledger balances

    Please let me know whether the way I eliminated option B and C is correct
    I wanted to know why this A answer wasn’t correct either and D was the answer instead

    February 20, 2021 at 2:22 pm #611091
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54684
    • ☆☆☆☆☆

    For B, sales returns are entered in both the sales/receivables account and in the sales/receivables ledger control account. So if it entered wrongly in the day book then both the account and the ledger will be wrong by the same amount, but the totals will still agree.

    The same applies to C

    For A, if the invoice is omitted then it will not have been entered in the sales/receivables ledger. Also it will not be included in the total posted to the sales/receivables account. So both will be wrong by the same amount, but will still agree.

    For D, if the daybook is added up wrongly then only the sales/receivables account will be wrong because it is only there that the total is posted.

    Do watch my free lectures on the 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.

    February 20, 2021 at 5:25 pm #611108
    andreaskraken
    Member
    • Topics: 57
    • Replies: 30
    • ☆☆

    Thank you very much
    I understood my mistake very well
    Yes, I have already watched the free lectures about control acount reconcilation yesterday

    I just have a problem applying the questions into practise so I thought that maybe if I did more questions contiuously I’ll familiarize myself with the type of questions asked

    Once again thank you very much for your help

    February 21, 2021 at 8:12 am #611149
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54684
    • ☆☆☆☆☆

    The more questions you attempt the better. I do assume that you have a Revision Kit from one of the ACCA Approved Publishers. It is full of exam standard questions for practice 🙂

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Viewing 4 posts - 1 through 4 (of 4 total)
  • The topic ‘Recievable control account reconcilation’ is closed to new replies.

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