Would someone be able to quickly do this Payables Control Account for me?

DonnaMarieAva

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

Alan Shore

The Purchases Day Book had been overcast by €680. PLC reduce by 680.

The Purchases Returns Day Book had been totaled as €10,534 instead of €10,435. PLC increase by 99.

A purchases return valued at €750 was entered in the accounts as a purchase.
It could be that this error applies to both the PLC and the list!

A cheque paid to a supplier K. Shanley €1,200 had been debited to Shanley’s A/C as €2,100. Reduce the list by 900.

Discount allowed of €350 had not been entered in the accounts. This applies to both

An addition error on a personal A/C meant that the balance was understated by €550. Increase the list by €550.

Does that help? I've not checked.

DonnaMarieAva

Alan Shore wrote: »

The Purchases Day Book had been overcast by €680. PLC reduce by 680.

The Purchases Returns Day Book had been totaled as €10,534 instead of €10,435. PLC increase by 99.

A purchases return valued at €750 was entered in the accounts as a purchase.
It could be that this error applies to both the PLC and the list!

A cheque paid to a supplier K. Shanley €1,200 had been debited to Shanley’s A/C as €2,100. Reduce the list by 900.

Discount allowed of €350 had not been entered in the accounts. This applies to both

An addition error on a personal A/C meant that the balance was understated by €550. Increase the list by €550.

Does that help? I've not checked.

Thank you very much for your help but it still isn't working out!

On the debit of the control account I've put the overcast of 680, the PRDB error of 1500 (750x2 because 750 was incorrectly treated as a purchase) and the discount allowed of 350.

On the credit of the control account I have the PRDB error of 99 resulting in a balance b/d of 7999. I think I may have done something wrong because the purchases returns are suppose to be on the debit.

The balance b/d of 7999 isn't matching with the corrected balance in the list as 9349.

The funny thing is I am well able to do these kind of questions but this one in particular is testing me! :P

mikado123

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 €8650

DonnaMarieAva

mikado123 wrote: »

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 €8650

Thank you so much! You're a lifesaver :P

mikado123

No probs-Best of luck with the exam!