Question 1

Section A

The receivables ledger control account balance is $65,000. The total of the individual customer balances in the receivables ledger is $63,800. 
Investigation reveals the following:
1. A sales invoice for $1,500 was completely omitted from the books.
2. A credit note for $300 sent to a customer was entered in the control account but omitted from the customer's personal account.

What is the corrected balance of the receivables ledger control account? (Enter the number only)

Accepted Answer

Adjust the control account for errors in the books of prime entry (like omitted invoices). Adjust the list of balances for errors in the personal ledger. The question asks for the corrected control account balance.

Question 2

What mistakes do candidates make on this ACCA question?

Accepted Answer

Deducting the $300 from the control account.

How to approach this question

Full Answer

Common mistakes

Practice the full ACCA FA — Financial Accounting Practice Exam 5

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