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In the trade payables of magma plc, an invoice of 807 from Ferdinand has been recorded as a credit note. After correcting this error, the trade payables will be,
) increased by 1614
) reduced by 807 . This topic falls under which chapter, sir?It isn’t really any specific chapter because this is testing understanding of basic double entry bookkeeping.
In Chapter 3 it is explained that a purchase invoice should be credited to payables.
In Chapter 28 it is explained what is means by a credit notes (which is debited to payables.
In Chapters 16 and 17 it is explained how errors affect things.Exam questions are not always testing just one specific topic, they are testing a full understanding of bookkeeping and our lectures cover everything.
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