ACCA F3 Past Exam Payable
The total of the list of balances in Valley’s payables ledger was $100,000 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 $5,000 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 $7,000.
3 An invoice for $2,580 was posted to the supplier’s account as $3,030.
What amount should Valley report in its balance sheet as accounts payable at 30 June 2006?
Answer is $94,550.
Note: Daybook undercast ; both control account and ledger afftected.
Ledger $100,000 - Contra $5,000 - posting error $450 .