Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 3 (Marks: 10) After allthe ledgers had been drawn up, the following differences and errors were identified. Indicate with a cross (x) where you

image text in transcribed
Question 3 (Marks: 10) After allthe ledgers had been drawn up, the following differences and errors were identified. Indicate with a cross (x) where you would correct each of the differences and errors listed below, and explain your reasoning as so how, why and where you will make the correction: Hint: some might need to be corrected in more than one place. Debtors control Debtors list Difference or error Eg. The total sales return column in the Debtors Allowance Joumal was posted to the debit side of the Debtors Control Account Sales returns reduce the amount owing by a debtor. The error has occurred in the Debtors control account only, thus there will be no impact on the individual debtor's account. The debtors control account should be credited twice. A credit invoice (issued by the business) has not been recorded at all. The Debtors control column in the debtors journal was "undercast". Notification has been received that the outstanding balance on one of the debtors should be written off as the debtor is insolvent

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Biometric And Auditing Issues Addressed In A Throughput Model

Authors: Waymond Rodgers

1st Edition

1617356530, 978-1617356537

More Books

Students also viewed these Accounting questions

Question

3 > O Actual direct-labour hours Standard direct-labour hours...

Answered: 1 week ago

Question

a valuing of personal and psychological privacy;

Answered: 1 week ago