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Would someone be able to quickly do this Payables Control Account for me?
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11-01-2015 10:47am#1I'm in the middle of studying because I have an exam tomorrow and I'm trying to study control accounts. This particular one I have some problems with and I can't seem to get it right. I'm sure the solution is really simple! Here it is:
At 31st December 2012, the balance on the Payables Control account in O’Callaghan’s General Ledger was €10,430. The total list of balances on the suppliers’ personal accounts was €8,399.
The accounts were reviewed and the following errors were discovered:
The Purchases Day Book had been overcast by €680.
The Purchases Returns Day Book had been totaled as €10,534 instead of €10,435.
A purchases return valued at €750 was entered in the accounts as a purchase.
A cheque paid to a supplier K. Shanley €1,200 had been debited to Shanley’s A/C as €2,100.
Discount allowed of €350 had not been entered in the accounts.
An addition error on a personal A/C meant that the balance was understated by €550
If you could just get the control account and the personal list to balance that would be so great! Thanks
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DonnaMarieAva wrote: »I'm in the middle of studying because I have an exam tomorrow and I'm trying to study control accounts. This particular one I have some problems with and I can't seem to get it right. I'm sure the solution is really simple! Here it is:
At 31st December 2012, the balance on the Payables Control account in O’Callaghan’s General Ledger was €10,430. The total list of balances on the suppliers’ personal accounts was €8,399.
The accounts were reviewed and the following errors were discovered:
The Purchases Day Book had been overcast by €680.
The Purchases Returns Day Book had been totaled as €10,534 instead of €10,435.
A purchases return valued at €750 was entered in the accounts as a purchase.
A cheque paid to a supplier K. Shanley €1,200 had been debited to Shanley’s A/C as €2,100.
Discount allowed of €350 had not been entered in the accounts.
An addition error on a personal A/C meant that the balance was understated by €550
If you could just get the control account and the personal list to balance that would be so great! Thanks
On Debtors Control Account ;Op Bal - 10430
DR the 680,750 &350 -
Closing balance €8650
On Suppliers Balances Account ; Op Bal 8399
DR 99 & 550, CR 900
- Closing Balance €86500 -
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