1. Financial accounting (AS Level)
A section of Accounting, 9706
Listing 10 of 1775 questions
Trott provided the following information for the year ended 30 April 2017: $ Sales ledger control account balance 93 185 Sales ledger balances 78 370 The following errors were identified: The sales journal total had been overcast by $30 420. A dishonoured cheque for $9745 had not been entered in the customer’s account. Interest charged on an overdue amount, $720, had been completely omitted from the books of account. The sales returns journal had been overcast by $4560. Discount allowed of $1520 had been completely omitted from the books of account. Receipts from credit customers entered in the cash book had been overcast by $18 965. An irrecoverable debt of $1825 had been written off in the sales ledger control account but no entry had been made in the customer’s account. REQUIRED Complete the following tables to update the sales ledger control account balance and the sales ledger balances at 30 April 2017. Sales ledger control account Description Add ($) Less ($) Total ($) Opening balance 93 185 Sales ledger balances Description Add ($) Less ($) Total ($) Opening balance 78 370 State four advantages to a business of preparing a sales ledger control account.
9706_w17_qp_22
THEORY
2017
Paper 2, Variant 2
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A company prepared its purchases ledger control account which showed a balance of $15 960. The following items were then discovered. Discounts received of $450 had been entered into the purchases ledger control account as $540. A payment of $720 to a supplier had not been entered in his account. The purchases ledger debit balances carried down totalling $110 had been omitted from the control account. A contra of $170 had been entered in the purchases ledger but not in the purchases ledger control account. What was the correct total of the trade payables?
9706_w19_qp_11
MCQ
2019
Paper 1, Variant 1
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Martina has prepared the following sales ledger control account for the month of August 2021. All sales are on credit. Sales ledger control account for the month of August 2021 $ $ Balance b/d 14 280 Sales returns journal Sales journal 9 540 Bank 11 860 Discounts received Balance c/d 11 470 23 820 23 820 Balance b/d 11 470 Martina produced a list of all customer account balances at 31 August 2021 totalling $10 020. She discovered that the following errors had been made in the records. Discounts allowed of $1190 had been entered in customers’ accounts but had not been entered in the control account. A credit transfer from a customer of $420 had been correctly entered in the cash book but had been credited to the customer’s account as $240. A credit balance of $60 on a customer’s account had been recorded on the list of balances as a debit balance. A contra to the purchases ledger of $860 had been entered in the customer’s sales ledger account but had not been entered in the control account. A cheque received from a customer of $380 had been returned unpaid by the bank. No entries had been made in Martina’s books of account in respect of the unpaid cheque. Martina had sent a cheque for $20 to a customer who had overpaid his account. The payment had been correctly processed in both the cash book and the customer’s account but had been posted to the purchases ledger control account in error. REQUIRED Prepare an adjusted sales ledger control account. Sales ledger control account $ $ Balance b/d 11 470 Prepare an adjusted list of sales ledger balances to agree with the adjusted sales ledger control account balance in part . $ Original total of sales ledger balances 10 020 Adjusted total of sales ledger balances Explain how the preparation of a sales ledger control account assists in the prevention of fraud. State three types of error that will not be identified by preparing a sales ledger control account.
9706_w21_qp_21
THEORY
2021
Paper 2, Variant 1
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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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Questions Discovered
1775