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The total of the list of balances in Valley’s payables ledger was $438,900 at 30 June 20X6. This
balance did not agree with Valley’s payables ledger control account balance. The following errors were
discovered:
1 A contra entry of $980 was recorded in the payables ledger control account, but not in the
payables ledger.
2 The total of the purchase returns daybook was undercast by $1,000.
3 An invoice for $4,344 was posted to the supplier’s account as $4,434.
What amount should Valley report in its statement of financial position for accounts payable at 30 June
20X6?
A $436,830
B $438,010
C $439,790
D $437,830why 90 is deducted???
The only mistake that effects the list of balances in the payables ledger is mistake number 3.
The amount entered in the account was 90 more than it should have been – so we need to subtract 90 to correct it.
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