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Granit has made several errors in recording both the receivables ledger and the receivables control account. As a result of the various errors the trade

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Granit has made several errors in recording both the receivables ledger and the receivables control account. As a result of the various errors the trade receivables control account shows a closing balance of 6,000 and the total value of the list of balances on the customers' personal accounts from the receivables ledger is 6,825. The various errors made are shown below: a. A credit balance of 200 on a customer's account was included in the list of balances as a debit balance. b. A credit balance of 180 had been repaid to a customer in cash but this has not been recorded anywhere in the accounting records. c. Receipts of 320 from Muck Ltd had not been recorded at all. d. Interest charged on overdue payments of 425 had been recorded in the list of balances but had not been recorded in the general ledger. Using the information above prepare: (i) the receivables ledger control account showing the necessary adjusting entries and the corrected balance. [ 4 ] (ii) Prepare a reconciliation of the list of balances from the receivables ledger to the corrected balance on the receivables control account. [ 4] Granit has made several errors in recording both the receivables ledger and the receivables control account. As a result of the various errors the trade receivables control account shows a closing balance of 6,000 and the total value of the list of balances on the customers' personal accounts from the receivables ledger is 6,825. The various errors made are shown below: a. A credit balance of 200 on a customer's account was included in the list of balances as a debit balance. b. A credit balance of 180 had been repaid to a customer in cash but this has not been recorded anywhere in the accounting records. c. Receipts of 320 from Muck Ltd had not been recorded at all. d. Interest charged on overdue payments of 425 had been recorded in the list of balances but had not been recorded in the general ledger. Using the information above prepare: (i) the receivables ledger control account showing the necessary adjusting entries and the corrected balance. [ 4 ] (ii) Prepare a reconciliation of the list of balances from the receivables ledger to the corrected balance on the receivables control account. [ 4]

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