Question
Q2. The trial balance of Queen and Square Ltd revealed a difference in the books. In order that the error(s) could be located it was
Q2. The trial balance of Queen and Square Ltd revealed a difference in the books. In order that the error(s) could be located it was decided to prepare purchases and sales ledger control accounts.
From the following prepare the control accounts and show where an error may have been made:
2012
Jan 1 Purchases ledger balances 11,874
Sales ledger balances 19,744
Totals for the year 2012
Purchases journal 154,562
Sales journal 199,662
Returns outwards journal 2,648
Returns inwards journal 4,556
Cheques paid to suppliers 146,100
Petty cash paid to suppliers 78
Cheques and cash received from customers 185,960
Discounts allowed 5,830
Discount received 2,134
Balances on the sales ledger set off against
balances in the purchases ledger 1,036
Dec 31 The list of balances from the purchases ledger shows a total of 14,530 and that from the sales ledger a total of 22,024.
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