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Reconciled Balance

Forums › FIA Forums › FA1 Recording Financial Transactions Forums › Reconciled Balance

  • This topic has 3 replies, 3 voices, and was last updated 9 years ago by secondstar.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • 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: 10594
    • ☆☆☆☆☆

    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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