The total of a list of balances in R co's receivable ledger was $111,105 on 30 September 2014. This did not agree with the balance on Co's receivable ledger control account.
The following errors were discovered :
1. A credit balance on individual customer's account of $492 was incorrectly extracted as a debit balance.
2. An invoice of $48,600 was posted to the customer's account as $54,000.
3, The total of the sales returns daybook was overcast by $480.
What amount should be shown in R co's statement of financial position for accounts receivable at 30 September 2014?
Suggested solutions:
| Debit | Credit | ||
| Total receivable ledger | $111,105 | ||
| Incorrectly extracted to debit balance | 984 | ||
| Incorrectly extracted figures | 5,400 | ||
| Year end accounts receivable | 104,721 |
To do the same topic again in ACCA F3 Receivable Ledger Dec 2014