There is $246 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 $246 . Total sales for the year were $98,150. Receivables at the end of the year were $861. Cheques banked from credited sales were $36,285 and cash sales of $33,688. have been banked.
How much cash was stolen during the year?
Receivables control account
| DEBIT | CREDIT | ||
| OPENING BALANCE | 246 | RECEIPT FROM CREDIT SALES | 36,285 |
| CREDIT SALE | ??? | ||
| CLOSING BALANCE | 861 |
| CREDIT SALES | 36,900 |
| TOTAL SALES | 98,150 |
| CASH SALE | 61,250 |
Cash account
| DEBIT | CREDIT | ||
| OPENING BALANCE | 369 | CASH SALES BANKED IN | 33,688 |
| CASH SALES | 61,250 | ||
| CLOSING BALANCE | 27,932 |
| COMPUTED CLOSING BALANCE | 27,932 |
| ACTUAL CLOSING BALANCE | 246 |
| MISSING CASH | 27,686 |
To do the same topic again in ACCA F3 Missing Cash
To do another topic in ACCA F3
2015 ACCA F3 Missing Cash