Activity 3: Choose either control accounts OR inventory valuation BG provided the following information at 31...
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Activity 3: Choose either control accounts OR inventory valuation BG provided the following information at 31 December 20x8. 1 Required: ● Purchase ledger control account Sales ledger control account ● ● The above balance did not match with the list of balances taken from both the purchase ledger and sales ledger. On investigation, the following were discovered: ● ● ● £ 16,970 42,350 Prepare an updated PLCA and SLCA at 31 December 20x8. Discount received of £280 has been omitted from the books. Sales returns of £230 had been treated as sales and entered in the sales journal. Irrecoverable debt of £190 had been written off in the sales ledger but no entry was made in the control account. A contra for £1070 had been entered twice on the debit side in the PLCA. Payment of £120 to a supplier had not been recorded. A Discount allowed of £70 had been posted to the debit side of SLCA and PLCA. BG owes Mr J £380 and Mr J owes BG £1590. Dishonoured cheque had been entered incorrectly in the cashbook as £1560 instead of £1650. Activity 3: Choose either control accounts OR inventory valuation BG provided the following information at 31 December 20x8. 1 Required: ● Purchase ledger control account Sales ledger control account ● ● The above balance did not match with the list of balances taken from both the purchase ledger and sales ledger. On investigation, the following were discovered: ● ● ● £ 16,970 42,350 Prepare an updated PLCA and SLCA at 31 December 20x8. Discount received of £280 has been omitted from the books. Sales returns of £230 had been treated as sales and entered in the sales journal. Irrecoverable debt of £190 had been written off in the sales ledger but no entry was made in the control account. A contra for £1070 had been entered twice on the debit side in the PLCA. Payment of £120 to a supplier had not been recorded. A Discount allowed of £70 had been posted to the debit side of SLCA and PLCA. BG owes Mr J £380 and Mr J owes BG £1590. Dishonoured cheque had been entered incorrectly in the cashbook as £1560 instead of £1650.
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Related Book For
Intermediate Accounting
ISBN: 978-0071339476
Volume 1, 6th Edition
Authors: Beechy Thomas, Conrod Joan, Farrell Elizabeth, McLeod Dick I
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