1.4. Reconciliation and verification
A subsection of Accounting, 9706, through 1. Financial accounting (AS Level)
Listing 10 of 385 questions
The sales ledger control account of a business had a balance of $17 640. This did not agree with the total of the individual customer accounts in the sales ledger. The following errors have been discovered. An invoice in the sales journal for $460 has been entered wrongly in the sales ledger as $640. Credit balances on the sales ledger, $470, have been omitted from the sales ledger control account. Discounts allowed have been incorrectly totalled as $310 instead of $325. Goods sold to Harry for $690 have been entered in the account of Barry in error. What is the correct balance on the sales ledger control account?
9706_w22_qp_12
MCQ
2022
Paper 1, Variant 2
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Usman has extracted the following information from his books of account in order to update the sales ledger control account for the month of August 2022. $ Balance brought down at 1 August 2022 34 210 Cheque receipts from credit customers 32 840 Customers’ dishonoured cheques 1 020 Sales journal totals 29 760 Sales returns journal totals Usman has produced a list of all customer account balances at 31 August 2022 totalling $30 477. He has discovered the following: The total of the sales journal had been overcast by $600. Discounts allowed of $218 had been entered in customers’ accounts but no entries had been made in the control account. A contra for $325 had been correctly entered in both the customer’s account and the supplier’s account. A customer’s overpayment of $65 had been repaid by cheque but no entries had been made in the books of account. A cheque received from Musa for $250 had been posted to the account of Hussein. An irrecoverable debt of $180 had been correctly written off in a customer’s account but had not been entered in the control account. A credit balance of $315 on a customer’s account had been incorrectly entered as a debit balance in the list of customer account balances at 31 August 2022. REQUIRED Prepare the updated sales ledger control account for the month of August 2022. Sales ledger control account $ $ Balance b/d 34 210 Prepare an amended total of customer account balances to agree with the sales ledger control account balance in . $ Original total of customer account balances 30 477 State one limitation of preparing a control account. Explain why a sales ledger control account would help in the prevention of fraud.
9706_w22_qp_22
THEORY
2022
Paper 2, Variant 2
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At the end of the year, the balance on a firm’s sales ledger control account was $12900. The total of the customers’ accounts in the sales ledger was $11900. The following errors were then discovered. A customer’s account had been undercast by $700. A contra with a supplier in the purchases ledger of $200 had only been entered in the sales ledger control account. The discount allowed column in the cash book totalled $500. This had not been posted to the nominal ledger. What was the correct balance on the sales ledger control account?
9706_w24_qp_13
MCQ
2024
Paper 1, Variant 3
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Questions Discovered
385