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.
Order Point Formula The analysis discussed above tends to be somewhat cumbersome when probability distributions are most complex and dependent and multi-period cases are involv
1. Allocation of Indirect Cost Radiology Department in long Island Jewish Hospital incurred $1,267,000 of total indirect cost in five procedures (CC#557: Diagnostic Rad
The common stock of the CC Corporation has been trading in a narrow price range of around $50 for months, and you are convinced it is going to stay in that range for the next 3 mon
Protected transactions These fall into three categories: (A) Under Section 50: Payments by the bankrupt to creditors; Payments or deliveries to the bankrupt; C
Investments under the Trustee Act The act defines the categories of investment as follows: 1. Fixed interest securities are: Securities which under their te
information for the year ended December 31, 2010: Sales 110,000 Direct materials used 20,800 Indirect production costs-fixed 10,400 Indirect production costs-variable 6,600 Direct
what are responsibilities of stock verifier
Find the current value of the following ordinary annuities. (Notes: If you are using a financial calculator, you can enter the known values and then press the appropriate key to se
notes on Gaap principles
Calculation of Leverage ratios - 2008 2009 2010 U EBIT or Oper
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