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SPADEFISH S/D19

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › SPADEFISH S/D19

  • This topic has 2 replies, 2 voices, and was last updated 1 year ago by Kim Smith.
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  • August 23, 2021 at 5:29 am #632581
    Noah098
    Member
    • Topics: 935
    • Replies: 352
    • ☆☆☆☆☆

    -If the difference is due to credit notes, this should be agreed to pre year end credit notes dispatched around the year?end date.
    -The receivables ledger should be reviewed to identify any possible mispostings as this could be a reason for the difference with Menhaden Co.

    Maam why only pre-yr end credit notes? post-yr end credit notes are also adjusting events! so a credit entry for for such post yr end post yr end credit notes in the TRs ledger could have also caused the credit bal to arise.

    aslo maam with the re to the 2nd SP, how is it appropriate? correction of misposting errors (debit credits interchanged, is what i understand) should give us the bal as per Manhaden co.(assuming its correct and triggerfish is wrong) but this just doesn’t happen here.

    for eg. if correct bal was $3450 on debit side, instead of recognising an invoice fo $8810 to debit side we record it as credit, this gives a credit bal of $5360 (present bal as per triggerfish) now correcting this mispositng would increase the debit side to $8810, THIS STILL DOESNT MATCH WITH MENHADEN’S $3450!

    August 23, 2021 at 7:49 am #632598
    Kim Smith
    Keymaster
    • Topics: 102
    • Replies: 6956
    • ☆☆☆☆☆

    I have to look at the Q to understand your 1st query and I don’t have access to it right now.

    Re 2nd query – no – misposting means to wrong a/c – not Dr/Cr the credit the wrong way round e.g. an invoice for AAA is posted to AAB’s a/c or a cash receipt from BBB is posted to BBC’s a/c.

    August 23, 2021 at 10:36 am #632609
    Kim Smith
    Keymaster
    • Topics: 102
    • Replies: 6956
    • ☆☆☆☆☆

    If the customer replies “I owe the company $3,450” but the company’s records show not only that customer does not appear to owe anything but, in fact, is owed $5,360 – then there must be either:

    TIMING differences between what either customer or company are posting in their respective records – e.g. co has processed a credit note to the customer (before 31 May) but the customer had not yet processed it when replying that they still owed the company money.
    or
    ERROR – e.g. co has posted a receipt from another customer to M’s a/c.

    Credit notes AFTER 31 May are irrelevant in this context – NEITHER the co nor the customer can have recorded a credit raised after 31 May before 31 May (!) – so cannot give rise to any difference in the reconcilation.

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