The total of a list of balances in R co's receivable ledger was $37,035 on 30 September 2014. This did not agree with the balance on Co's receivable ledger control account.
The following errors were discovered :
1. A credit balance on individual customer's account of $123 was incorrectly extracted as a debit balance.
2. An invoice of $56,700 was posted to the customer's account as $63,000.
3, The total of the sales returns daybook was overcast by $600.
What amount should be shown in R co's statement of financial position for accounts receivable at 30 September 2014?
Suggested solutions:
Debit | Credit | ||
Total receivable ledger | $37,035 | ||
Incorrectly extracted to debit balance | 246 | ||
Incorrectly extracted figures | 6,300 | ||
Year end accounts receivable | 30,489 |
To do the same topic again in ACCA F3 Receivable Ledger Dec 2014