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Dear Mr Moffat
I would like to ask you how should I approach this exercise.
‘ A BACS payment for 1197 pounds has been received from Malvern Fashion wno incorrectly state that the amount is in full settlement of their account balance as at 31 March 20-x. The customer’s account in sales ledger is shown below. You are to calculate the correct up-to-date balance of the Malvern Fashions account as shown in the sales ledger account above and then indicate with a tick in the right -hand column of the table below which three transactions are still outstanding’
Before payment of 1197 pounds I have debit balance on my account 3647 pounds.After payment of 1197 pounds I have debit balance 2450 pounds and this is amount that is outstanding, it still needs to be payed. Does it mean that I am supposed to find by trial and error three transactions that constitute alltogether the amount of 2450 pounds?
I cannot view the link you put in your post (and you must not put links to what is presumably a scan of copyright material on this website).
Surely you have an answer in whichever book you found the question?
thanks for reply. I won’t put links anymore. I didn’t know I am not supposed to paste links for this kind of material. I will try to find the answer on my own. Regards. Rafal
But I am still puzzled why you do not have an answer in the same book in which you found the question. You really should be using a Revision Kit from one of the ACCA approved publishers – they are full of exam standard questions together with answers and explanations.
Also, have you watched my free lectures? They are a complete course for Paper F3 and cover everything needed to be able to pass the exam well.
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