Simulation paper 5: Delft, need help!!
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Hi, I'm stuck on task 5, I cant seem to identify the reason for difference between the purchase ledger control account and the subsidiary purchases a/c.
Also I'm not too sure what journal entries are needed in the task 5 journal..any help would be appreciated, thanks
Also I'm not too sure what journal entries are needed in the task 5 journal..any help would be appreciated, thanks
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Re:Simulation paper 5: Delft, need help!!
If you look at the PDB there is a credit note for Thrower Ltd total 2284.93. this has been taken as a purchase instead of a credit. in task 5 it asks to to compare the total balances, the diffrence is 4569.86. Purchase added twice ie 2284.93*2=4569.86
The journal entries would be:-
Dr PLC 4569.86
Cr Pruchases 1944.62
Cr Purchase Returns 1944.62
Cr VAT 680.62
Hope this helps0 -
Re:Simulation paper 5: Delft, need help!!
Exactly what I wanted to know, thanks for the help0 -
Re:Simulation paper 5: Delft, need help!!
Hi, I need help too please! I've been doing this one and am now totally stuck on the ETB.
My last 2 columns for the balance cheet don't add up. On the DR side I have £109,721.78 and for CR I have £204,221.78. A difference of £94,500
I've checked all the calculations again but I can't find anything that should be there that isn't or vice versa?! I've even swapped calculators.. :?
Can anyone please help!
Thanks
Debs0 -
Re:Simulation paper 5: Delft, need help!!
Sorry! Just realised what I've done....I missed a 0 off one of the figures that I had to add up. At least I've found it... only spent 3 hours last night and a sleepless night dreaming of columns trying to find it?!
Think the revision is going to have to stop for an hour to get my head back in order. Feel like a complete idiot! :oops:
Ta
Debs0