There is $492 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 $615 in the cash till and receivables were $246 . Total sales for the year were $119,450. Receivables at the end of the year were $615. Cheques banked from credited sales were $110,331 and cash sales of $4,813. have been banked.
How much cash was stolen during the year?
Receivables control account
DEBIT | CREDIT | ||
OPENING BALANCE | 246 | RECEIPT FROM CREDIT SALES | 110,331 |
CREDIT SALE | ??? | ||
CLOSING BALANCE | 615 |
CREDIT SALES | 110,700 |
TOTAL SALES | 119,450 |
CASH SALE | 8,750 |
Cash account
DEBIT | CREDIT | ||
OPENING BALANCE | 615 | CASH SALES BANKED IN | 4,813 |
CASH SALES | 8,750 | ||
CLOSING BALANCE | 4,553 |
COMPUTED CLOSING BALANCE | 4,553 |
ACTUAL CLOSING BALANCE | 492 |
MISSING CASH | 4,061 |
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2015 ACCA F3 Missing Cash