V Co's balance on the payables control accounts at 30 September 2015 of $211,104 does not agree to the total on the list of payables ledger balances. The following errors have been found:
1. A credit note from a supplier for $1,000 has been omitted from the purchase day book.
2. An invoice for $75 has been posted twice to the supplier's account on the payables ledgers.
3. Cash paid to suppliers of $11,640 has been posted to the payables control accounts as $ 9,840
What is the total on the payables control account after all errors have been corrected?
Suggested solutions:
| $ | $ | ||
| Opening balance (amounts owed to suppliers) | 211,104 | ||
| Credit note omitted | 1,000 | ||
| Error in posting cash paid | 1,800 | ||
| Balance after adjustment | 208,304 |
Notes: Any errors on payables ledger do not form part of the double entries; hence will not affect the control account.
To do the same topic again in ACCA F3 Payables Control Account 5
To do another topic in ACCA F3
2016 ACCA F3 Payables Control Account 5