ACCA F3 Past Exam Payable
The total of the list of balances in Valley’s payables ledger was $400,000 at 30 June 2006. This balance did not agree with Valley’s payables ledger control account balance. The following errors were discovered:
1 A contra entry of $9,000 was recorded in the payables ledger control account, but not in the payables ledger.
2 The total of the purchase returns daybook was undercast by $6,000.
3 An invoice for $9,150 was posted to the supplier’s account as $9,420.
What amount should Valley report in its balance sheet as accounts payable at 30 June 2006?
Answer is $390,730.
Note: Daybook undercast ; both control account and ledger afftected.
Ledger $400,000 - Contra $9,000 - posting error $270 .