Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Question:
The following information was extracted from the books of William Noel for the year ended 30 April 2009. Rs Purchases Ledger Balance as at 1 May 2008 43120 Credit purchase for the year 824 140 Credit purchases returns 12 400 Cheques paid to creditors 745 980 Cash purchases 8 940 Discount received on credit purchases 31 400 Credit balances transferred to sales ledger accounts 5 210
The total of the balances in Noel's purchases ledger amounts to Rs 67 660, which does not agree with the closing balance in the Control account.
The following errors were then discovered:
1. Discount received had been overstated by Rs 1 000. 2. A credit purchases invoice for Rs 2 040 had been completely omitted from the books. 3. The purchases ledger account had been understated by Rs 100. 4. A credit balance of Rs 850 in the purchases ledger had been set off against a contra entry in the sales ledger, but no entry had been made in the control accounts. 5. A payment of Rs 1 450 had been debited to the creditor's account but was omitted from the bank account. 6. A credit balance of Rs 3 210 had been omitted from the list of creditors.
Required:
a. Prepare a Purchases Ledger Control Account for the year ended 30 April 2009.
b. Explain why it is useful to maintain a control account in respect of both trade receivables and trade payables.
c. Explain briefly how a contra entry might arise.
Inventory control implies a planned approach of ascertaining while to buy, how much to buy and how much to stock hence costs including storing and buying are optimally minimum, wit
I NEED HELP in business ratios for two company.Ido not know how to do the formulas. Can you help.
how to do it in samply form?
Accounting Date In determining the accounting date of the trust, the trustees will consider the following: Date of death (accounts to anniversary of death); Fiscal y
premium coupons that already have been expired should be or shouldn''t be estimated as liability?
Presentation and hearing The petition is presented to the court and must be served on the debtor at least eight days before the hearing. If the debtor wishes to oppose it he mu
Cherry Ltd has the following segment information from the consolidated financial statements for the years ended 31 December 2011 and 2012: Operating segments C V I N$ N$ N$ Sales
Q. What is Backup Withholding? Backup Withholding -Payers of interest, dividends and other reportable payments shouldwithhold income tax equal at a rate equal to the fourth low
Recording Business Transactions ACCOUNT. An account is an individual record or form to record and précis information for each liability, asset, or owner's equity transactio
J inherited 30000 & decides to open a saloon.1/4/2016.under jasper.commits 10000 to the business .opens a a/c in the bank as jasper. What will be th capital amount in his books o
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd