1.4. Reconciliation and verification
A subsection of Accounting, 9706, through 1. Financial accounting (AS Level)
Listing 10 of 385 questions
The opening balance on a purchases ledger control account was $18400. The following errors or omissions were then discovered. A supplier’s invoice for $860 had been entered as $680 in the purchases journal. An item for $250 in the purchases returns journal had been credited to the supplier’s account. Discounts received of $400 had been credited to the purchases ledger control account. It had been agreed to set-off $150 owing to a customer against their account in the sales ledger. No entries had been made to the sales or purchases ledger control accounts. What was the corrected balance on the purchases ledger control account?
9706_w24_qp_11
MCQ
2024
Paper 1, Variant 1
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A company prepared a sales ledger control account. The balance did not agree with the total of the sales ledger balances, which were $42 650. The following errors or omissions were discovered. An irrecoverable debt of $500 in the general journal has not been recorded in the sales ledger. The sales journal has been incorrectly added and must be reduced by $750. The sales ledger control account includes the discount received of $400. It should have been discount allowed, $600. Sales to J Brown of $640 have not been entered in his account. What was the correct total of the sales ledger balances?
9706_w24_qp_12
MCQ
2024
Paper 1, Variant 2
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Deepak maintains a full set of accounting records. The trial balance at 30 September 2024 did not balance and the difference was posted to a suspense account. The sales ledger control account and the purchases ledger control account are part of the double entry system. The following errors were discovered. A cheque received, $610, from Sanjay, a credit customer, had been dishonoured by the bank but no entry had been made in the books of account. Goods returned, $240, by Kamal, a credit customer, had been credited to the sales ledger control account and debited to the purchases account. Goods returned, $150, to Kohli, a credit supplier, had been correctly entered in both the purchases returns journal and the purchases ledger control account but had been posted to the debit of the sales returns account. A credit note, $498, received from Bharti, a credit supplier, had been correctly entered in the purchases returns journal but had been debited to the purchases ledger control account as $489. Prepare journal entries to correct each error. Narratives are not required. Journal Error Debit $ Credit $ Prepare the suspense account at 30 September 2024 clearly showing the opening balance brought down. Dates are not required. Suspense account Details $ Details $ Additional information The trial balance included the following balances: Debit $ Credit $ Purchases ledger control account 8 640 Sales ledger control account 12 420 Calculate the revised balances of the: Purchases ledger control account Sales ledger control account.
9706_w24_qp_21
THEORY
2024
Paper 2, Variant 1
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At the month end, a business bank statement showed a credit balance of $12 697. This did not agree with the cash book balance. The following differences were found. A cheque received, $7170, was entered as $7710 in the cash book. A cheque paid in, $2400, had not been cleared by the bank. A standing order, $450, was recorded in the cash book but had not been paid by the bank. Bank interest payable of $642 had not been entered in the cash book. What was the cash book balance before the necessary corrections were made?
9706_m23_qp_12
MCQ
2023
Paper 1, Variant 2
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Questions Discovered
385