You are an employee of E Co and have been asked to help preparing the end of year statements for the period ended 30 November X9 by agreeing the figure for the total receivables. The following figures, relating to the financial year, have been obtained from the books of original entry.
| $ | |
| Purchases for the year | 576,800 |
| Sales | 588,000 |
| Returns inwards | 7,000 |
| Returns outwards | 6,000 |
| Irrecoverable debts written off | 4,000 |
| Discount allowed | 4,000 |
| Discount received | 3,000 |
| Cheques paid to suppliers | 565,264 |
| Cheques received from customers | 579,180 |
| Customer cheques dishonoured | 4,000 |
Your discover that at the close of business on 30 November X8 the total of the receivables amounted to $60,000. What is the balance on the receivables ledger control account at 30 November X9?
Suggested solutions:
| DEBIT | CREDIT | |
| $ | $ | |
| Receivables opening balance | 60,000 | |
| Sales | 588,000 | |
| Returned inwards | 7,000 | |
| Irrecoverable debts written off | 4,000 | |
| Discounts allowed | 4,000 | |
| Cheques received from customers | 579,180 | |
| Customer cheques dishonoured | 4,000 | |
| Closing balance Receivables control | 57,820 |
To do the same topic again in ACCA F3 Receivables Control Account
To do another topic in ACCA F3
2015 ACCA F3 Receivables Control Account