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.
the salaries paid in 2004 is rs. 500000 salaries outstanding is rs.20000 salaries paid in advance for 2004 is rs 30000 what is the actual salary expenditure for 2004?
speciman of accounts preparation in stock and debtor system.
48 Morgado Inc. has provided the following data to be used in evaluating a proposed investment project: Initial investment $130,000 Annual cash receipts $78,000 Life of th
Revaluations Partners rarely revalue their assets and any revaluations may be carried out when a new partner is being admitted or an old partner is retiring. To facilitate th
What do you mean by base case NPV?
Question: State of the Economy Probability of state occurring IBM Return (%) ATT Return (%)
Retained Earnings had a beginning balance of $2,758,000 and an ending balance of $3,885,700. Total revenues for the year were 3,790,800. During the year 130,300 in dividends were d
What happens to capital when a project is completely funded by retained earnings?
Financial statement analysis involves the application of analytical tools and techniques to the financial data to get information that is useful in decision-making. Foundation o
redemption of debentures by sinking fund method
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