1. Financial accounting (AS Level)
A section of Accounting, 9706
Listing 10 of 1775 questions
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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Alex owns a wholesale business purchasing and selling goods on cash and on credit. Control accounts are used to check the accuracy of the individual purchases and sales ledger accounts. The following information is available for September 2024. Sales ledger account balances on 1 September 2024: $ Amounts owed by customers 64 280 Amount overpaid by one customer Totals from the books of prime entry: $ Cash book Cash sales 15 230 Receipts from credit customers 196 380 Discounts allowed 2 440 Refund of overpayment Sales journal 188 740 Sales returns journal 2 560 General journal Contras to purchases ledger 1 150 Prepare the sales ledger control account for September 2024. Sales ledger control account $ $ Additional information On 30 September 2024 the following information was available relating to trade payables. $ Total of balances in the purchases ledger 41 350 Balance of the purchases ledger control account 40 592 The following errors were discovered. When corrected the balance of the purchases ledger control account agreed with the total of the balances of the purchases ledger. The total of the purchases returns journal, $1 560, had been entered in the purchases ledger control account as $1 650. The balance of a trade payables account had been overstated by $80. A refund of $320 to a credit supplier had been recorded correctly in the cash book but posted to the credit side of the supplier’s account. The total of the discounts received column in the cash book had been understated by $68. Interest charged by a supplier on an overdue account, $16, had been omitted from the purchases ledger control account. Calculate the corrected total of balances in the purchases ledger. $ Original total 41 350 Corrected total Calculate the corrected balance of the purchases ledger control account. $ Original balance 40 592 Corrected balance
9706_w24_qp_23
THEORY
2024
Paper 2, Variant 3
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A trial balance does not balance. The difference has been entered in a suspense account. The following errors are found. A cash payment of $630 for rent has been credited in the cash book and debited to the irrecoverable debts account. The provision for depreciation account has been overcast by $960. The purchases ledger control account balance of $48 300 has been included as a debit balance. What is the correcting debit entry to the suspense account?
9706_m23_qp_12
MCQ
2023
Paper 1, Variant 2
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Questions Discovered
1775