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 $369 in the cash till and receivables were $1,107 . Total sales for the year were $114,000. Receivables at the end of the year were $861. Cheques banked from credited sales were $61,746 and cash sales of $28,875. have been banked.
How much cash was stolen during the year?
Receivables control account
| DEBIT | CREDIT | ||
| OPENING BALANCE | 1,107 | RECEIPT FROM CREDIT SALES | 61,746 |
| CREDIT SALE | ??? | ||
| CLOSING BALANCE | 861 |
| CREDIT SALES | 61,500 |
| TOTAL SALES | 114,000 |
| CASH SALE | 52,500 |
Cash account
| DEBIT | CREDIT | ||
| OPENING BALANCE | 369 | CASH SALES BANKED IN | 28,875 |
| CASH SALES | 52,500 | ||
| CLOSING BALANCE | 23,994 |
| COMPUTED CLOSING BALANCE | 23,994 |
| ACTUAL CLOSING BALANCE | 1,107 |
| MISSING CASH | 22,887 |
To do the same topic again in ACCA F3 Missing Cash
To do another topic in ACCA F3
2015 ACCA F3 Missing Cash