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Control Accounts

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Lisa Maysura
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10 views1 page

Control Accounts

Uploaded by

Lisa Maysura
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Control Accounts

Chapter-6
May-Jun 2010
At 1 April 20X8 a business had total outstanding debts of Tk.12,500. During the year to 31 March 20X9
the following transactions took place. 6
a) Credit sales Tk.46,000
b) Payments from customers Tk.48,000
c) Two debts, for Tk.280 and Tk.480, were declared irrecoverable and the customers are no longer
purchasing goods from the company. These are to be written off.
Prepare the trade receivable account and the irrecoverable debts account for the year.

Nov-Dec 2014
The total of the list of balance in Valley’s payables ledger was Tk.438,900 at 30 June 2014. This balance
did not agree to Valley’s payables ledger control account balance. The following errors were discovered:
(i) A contra entry of Tk.980 was recorded in the payables ledger control account, but not in the payables
ledger.
(ii) The total of the purchase returns daybook was undercast by Tk.1,000.
(iii) An invoice for Tk.4,344 was posted to the supplier’s account as Tk.4,434.
Requirement: What amount should Valley report in its statement of financial position for accounts
payable at 30 June 2014?

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