ACCA F3 Past Exam Receivable

The following control account has been prepared by a trainee accountant:

Receivables ledger control account

$ $
Opening Balance 800,000 Cash received from credit customers 70,000
Credit Sales 200,000 Discount allowed to credit customers 5,000
Cash sales 30,000 Interest charged on overdue accounts 9,000
Contras against credit balances in payable ledger 50,000Bad debt written off 50,000
Allowance for receivable 10,000
Closing balance 936,000
Total 1,080,000Total 1,080,000

What should the closing balance be when all the errors made in preparing the receivables ledger control account have been corrected?

SUGGESTED SOLUTION

$ $
Opening Balance 800,000 Cash received from credit customers 70,000
Credit Sales 200,000 Discount allowed to credit customers 5,000
Interest charged on overdue accounts 9,000 Contras against credit balances in payable ledger 50,000
Bad debt written off 50,000
Allowance for receivable 10,000
Closing balance 824,000
Total 1,009,000Total 1,009,000

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