There is $1,107 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 $492 in the cash till and receivables were $615 . Total sales for the year were $33,350. Receivables at the end of the year were $615. Cheques banked from credited sales were $24,600 and cash sales of $4,813. have been banked.
How much cash was stolen during the year?
Receivables control account
| DEBIT | CREDIT | ||
| OPENING BALANCE | 615 | RECEIPT FROM CREDIT SALES | 24,600 |
| CREDIT SALE | ??? | ||
| CLOSING BALANCE | 615 |
| CREDIT SALES | 24,600 |
| TOTAL SALES | 33,350 |
| CASH SALE | 8,750 |
Cash account
| DEBIT | CREDIT | ||
| OPENING BALANCE | 492 | CASH SALES BANKED IN | 4,813 |
| CASH SALES | 8,750 | ||
| CLOSING BALANCE | 4,430 |
| COMPUTED CLOSING BALANCE | 4,430 |
| ACTUAL CLOSING BALANCE | 1,107 |
| MISSING CASH | 3,323 |
To do the same topic again in ACCA F3 Missing Cash
To do another topic in ACCA F3
2015 ACCA F3 Missing Cash