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Reconciled Balance

This topic has 3 replies, 3 voices, and was last updated 9 years ago by secondstar.

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July 6, 2015 at 7:27 am #259584
pororo
Member
- Topics: 8
- Replies: 12
hi, i want to ask a question of reconciled balance.
A receivables ledger control account shows a balance of $35,100 ,while the list of balances totals $36500. The following discrepancies are discovered:
(i) A credit balance of $350 has been included in the list of balances as a debit
(ii) A refund of $125 has not been posted to the receivables ledger control account
(iii) One page of the sales day book has been undercast by $575
What is the reconciled balance?
A $36,500
B $35,800
C $35,225
D $37,200
July 6, 2015 at 11:12 am #259617
Ken Garrett
Keymaster
- Topics: 10
- Replies: 10591
List of balances total:
36,500 -350 x 2 = 35,800
Control A/c:
35,100 -125 + 575 = 35,550
There seems to be something wrong with the question.
July 6, 2015 at 11:26 am #259618
pororo
Member
- Topics: 8
- Replies: 12
ok, thank you
October 3, 2015 at 6:49 am #274778
secondstar
Member
- Topics: 16
- Replies: 220
The problem is actually with the Refund of 125. In my opinion, this is actually a refund of cash, which was Overpaid by the customer. So, it should be treated as a debit entry in Receivables Control Account..
35,100 + 575 + 125 = 35,800
Correct answer: B
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