Which one of the following is not a purpose of a receivables ledger control account?
Which of the following lists is composed only of items which would appear on the credit side of thereceivables control
account?
The following receivables ledger control account has been prepared by a trainee accountant:
RECEIVABLES LEDGER CONTROL ACCOUNT
$ $
20X5 20X5
1 Jan Balance 318,650 31 Jan Cash from credit customers 181,140
Credit sales 161,770 Interest charged on overdue
accounts 280
Cash sales 84,260 Irrecoverable debts written off 1,390
Discounts allowed to Sales returns from credit
credit customers 1,240
customers 3,990
What should the closing balance at 31 January 20X5 be after correcting the errors in the account?
At 1 April 20X9, the payables ledger control account showed a balance of $142,320. At the end of April the following totals are extracted from the subsidiary books for April:
$
Purchases day book 183,800
Returns outwards day book 27,490
Returns inwards day book 13,240
Payments to payables, after deducting $1,430 cash discount 196,360
It is also discovered that:
(a) The purchase day book figure is net of sales tax at 17.5%; the other figures all include sales tax.
(b) A customer's balance of $2,420 has been offset against his balance of $3,650 in the payables ledger.
(c) A supplier's account in the payables ledger, with a debit balance of $800, has been included on the list of payables as
a credit balance
What is the corrected balance on the payables ledger control account?
P & Co maintain a receivables ledger control account within the nominal ledger. At 30 November 20X0, the
total of the list of individual balances extracted from the receivables ledger was $15,800, which did not agree
with the balance on the receivables ledger control account. An examination of the books revealed the following
information, which can be used to reconcile the receivables ledger and the receivables ledger control account.
1 The credit balance of $420 in Ahmed's payables ledger account had been set off against his account in the receivables
ledger, but no entries had been made in the receivables and payables ledger control accounts.
2 The personal account of Mahmood was undercast by $90.
3 Yasmin's balance of (debit) $780 had been omitted from the list of balances.
4 Thomas' personal account balance of $240 had been removed from the receivables ledger as a bad
debt, but no entry had been made in the receivables ledger control account.
5 The January total of $8,900 in the sales daybook had been posted as $9,800.
6 A credit note to Charles for $1,000, plus sales tax of $300, had been posted to the receivables ledger
control account as $1,300 and to Charles' personal account as $1,000.
7 The total on the credit side of Edward's personal account had been overcast by $125.
What is the revised total of the balances in the receivables ledger after the errors have been corrected?
Sales (including sales tax) amounted to $27,612.50, and purchases (excluding sales tax) amounted to $18,000.
What is the balance on the sales tax account, assuming all items are subject to sales tax at 17.5%?
You are given the following information:
Receivables at 1 January 20X3 $10,000
Receivables at 31 December 20X3 $9,000
Total receipts during 20X3 (including cash sales of $5,000) $85,000
What is the figure for sales on credit during 20X3?
A supplier sends you a statement showing a balance outstanding of $14,350. Your own records show a balance outstanding
of $14,500.
Which one of the following could be the reason for this difference?
Your payables control account has a balance at 1 October 20X8 of $34,500 credit. During October, credit purchases were
$78,400, cash purchases were $2,400 and payments made to suppliers, excluding cash purchases, and after deducting
settlement discounts of $1,200, were $68,900. Purchase returns were $4,700.
What was the closing balance?
A receivables ledger control account had a closing balance of $8,500. It contained a contra to the payables ledger of $400, but this had been entered on the wrong side of the control account.
What should be the correct balance on the control account?