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CIMA Cert Question

  • 27-05-2008 8:07pm
    #1
    Audio
    Closed Accounts Posts: 38 ✭


    I cant get my head around this question. Anyone help??? Thanks in advance. Its for the Financial Accounting exam in the Cert.

    There is £400 in the cash till at the year end at Short & Co Ltd, but the accountant has discovered that some cash has been stolen. At the beginning of the year there was £200 in the cash till and debtors were £2000. Total sales in the year were £240000. Debtors at the end of the year were £3000. Cheques banked from credit sales were £150000 and cash sales of £60000 have been banked.

    How much cash was stolen??


Comments

  • #2
    Audio
    Closed Accounts Posts: 38 ✭Audio


    Anyone??


  • #3
    the1andonly1
    Registered Users, Registered Users 2 Posts: 224 ✭✭the1andonly1


    Is it 28,800??

    You have to start at debtors, then onto sales and then to your cash account, see the spreadsheet.

    Hope its right:p


  • #4
    Audio
    Closed Accounts Posts: 38 ✭Audio


    Thanks for that mate...


  • #5
    Mont
    Banned (with Prison Access) Posts: 482 ✭✭Mont


    Its basically the following:

    Opening Cash 200
    Op Debtors 2000
    Sales 240000
    Minus
    Closing Debtors - 3000
    Cheques lodged - 150000
    Cash lodged - 60000
    Closing Cash - 400

    Discrepancy 28,800


  • #6
    Accountant
    Registered Users, Registered Users 2 Posts: 24 ✭Accountant


    opening cash 200

    Sales 240000
    Less Lodgements 210000
    Less Increase in Drs (2000-3000) 1000

    Equals 29,000
    Add op cash 200

    There should therfore be 29,200 in the bank. there is 400 in the bank. Therefore......


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