The trial balance of Outsize Books Ltd revealed a difference in the books. In order that the
Question:
The trial balance of Outsize Books Ltd revealed a difference in the books. In order that the error(s) could be located it was decided to prepare purchases and sales ledger control accounts.
From the following prepare the control accounts and show where an error may have been made:
Transcribed Image Text:
20X8 Jan Dec 1 Purchases ledger balances Sales ledger balances Totals for the year 20X8 Purchases journal Sales journal Returns outwards journal Returns inwards journal Cheques paid to suppliers Petty cash paid to suppliers Cheques and cash received from customers Discounts allowed Discounts received Balances on the sales ledger set off against balances in the purchases ledger 31 The list of balances from the purchases ledger shows a total of £20,210 and that from the sales ledger a total of £38,374 £ 19,420 28,227 210,416 305,824 1,452 3,618 205,419 62 287,317 4,102 1,721 640
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (6 reviews)
Purchases l edger Control Account Date Particulars Debit Credit Balance bd 19420 Purchases Ledger To...View the full answer
Answered By
Faith Chebet
In the past two years many of my students have excell with the knowledge I taught them.
0.00
0 Reviews
10+ Question Solved
Related Book For
Frank Woods Business Accounting Volume 1
ISBN: 9780273681496
10th Edition
Authors: Frank Wood, Alan Sangster
Question Posted:
Students also viewed these Business questions
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
In April 1992, EuroDisney SCA opened its doors to European visitors. Located by the river Marne some 20 miles east of Paris, it was designed to be the biggest and most lavish theme park that Walt...
-
Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...
-
Select the meso compound in the 1 point choices below: * >OH >H rggrr554 CH,OH CH,OH ffffhfghgt
-
The treasury stock method is used to incorporate the dilutive effect of stock options, stock warrants, and similar securities. Describe this method as it applies to diluted EPS.
-
When might you use an intermediate condenser on a column? What are the possible advantages?
-
What is unitization? Why is it important in physical distribution? Why is it successive? LO.1
-
Given the following load summary chart, design a layout on a 2 x 3 grid that will minimize nonadjacentloads. Load Summary Chart 50 25 - 20 100 30 10 75 40 60
-
Project L requires an initial outlay at t = 0 of $61,000, its expected cash inflows are $11,000 per year for 11 years, and its WACC is 13%. What is the project's payback? Round your answer to two...
-
During the half year, debit balances in the sales ledger, amounting to 438, were transferred to the purchases ledger. Required: Prepare the sales ledger control account and the purchases ledger...
-
Prepare a sales ledger control account from the following information for October 20X6, carrying down the balance at 31 October: 20X6 Oct Oct Sales ledger balances 31 Sales journal Bad debts written...
-
The Keven Company has disclosed the following data in its annual reports for the period ending March 31, 2011: sales of $1,270,325, costs of goods sold of $682,987.35, depreciation expenses of...
-
Alec is an employee who drives a 2021 Ford C-Max with a fair-market value of $32,000. He has been given the choice to have the fringe benefit reported on his W-2 either using the lease-value rule or...
-
What resource do most thinking and learning technologies rely on to be effective? a) data b) images c) gas d) robots
-
Financial Reporting Problem Marks and Spencer plc (M&S) The financial statements of M&S (GBR) are presented in Appendix A. The companys complete annual report, including the notes to the...
-
Totally Chemical is considering an investment decision project in which the organization expands into the trucking business. Totally Chemical wants to begin this investment decision project by buying...
-
Presented below is the balance sheet of Sandhill Corporation as of December 31, 2017. SANDHILL CORPORATION BALANCE SHEET DECEMBER 31, 2017 Goodwill (Note 2) Buildings (Note 1) Inventory Land Accounts...
-
On April 30, 2014, Comox Jewellers purchased inventory of $45,000 on account from Northern Gems Ltd., a jewellery importer. Terms were 2/15, net 45. On receiving the goods, Comox checked the order...
-
If a force of F = 50 Ib is applied to the pads at A and C, determine the smallest dimension d required for equilibrium if the spring has an unstretched length of 1 ft. B 1 ft 1 ft F k = 15016/fr 1ft...
-
Why are research and development costs expensed? Is this consistent with how other similar costs are handled? Explain why or why not. Should research and development costs be expensed? Explain why or...
-
Why are research and development costs expensed? Is this consistent with how other similar costs are handled? Explain why or why not. Should research and development costs be expensed? Explain why or...
-
Why are research and development costs expensed? Is this consistent with how other similar costs are handled? Explain why or why not. Should research and development costs be expensed? Explain why or...
-
Read the following and then answer the questions below:September 12: A Brisbane business offers by letter to sell 500 tyres to a New Zealand company. The Brisbane company does not specify a method of...
-
Fred returns home from work one day to discover his house surrounded by police. His wife is being held hostage and threatened by her captor. Fred pleads with the police to rescue her and offers...
-
Would like you to revisit one of these. Consideration must be clear and measurable.if you can't measure it then how can you show it has / has not been done?How can you sue someone for breach of...
Study smarter with the SolutionInn App