There is $984 in the cash till at the year end, but the accountant had discovered that some cash has been stolen. At the beginning of the year there was $738 in the cash till and receivables were $615 . Total sales for the year were $100,050. Receivables at the end of the year were $861. Cheques banked from credited sales were $73,554 and cash sales of $14,438. have been banked.
How much cash was stolen during the year?
Receivables control account
| DEBIT | CREDIT | ||
| OPENING BALANCE | 615 | RECEIPT FROM CREDIT SALES | 73,554 |
| CREDIT SALE | ??? | ||
| CLOSING BALANCE | 861 |
| CREDIT SALES | 73,800 |
| TOTAL SALES | 100,050 |
| CASH SALE | 26,250 |
Cash account
| DEBIT | CREDIT | ||
| OPENING BALANCE | 738 | CASH SALES BANKED IN | 14,438 |
| CASH SALES | 26,250 | ||
| CLOSING BALANCE | 12,551 |
| COMPUTED CLOSING BALANCE | 12,551 |
| ACTUAL CLOSING BALANCE | 984 |
| MISSING CASH | 11,567 |
To do the same topic again in ACCA F3 Missing Cash
To do another topic in ACCA F3
2015 ACCA F3 Missing Cash