Sales Ledger / SLCA query

kazcraw

Can anyone please help me with this query. This is from a simulation paper. Villapb helped me with this yesterday, but have now got some of it clear in my head as to what's happened, I'm not clear as to how to rectify it. There is no suspense a/c.

I have a cash book receipt of £5197.16

The sales subsidiary account has been posted with £1597.16

Sales Day Book totals are:
Nett: £30537.60
VAT: £5344.08
GROSS: £35881.68
These three match the Sales A/C, VAT a/c and SLCA

Bank Receipts in SLCA are £32254.37

Bank Receipts on Sales Ledger Sub accounts total £28654.37

Receipts posted to Bank are £34754.37 (this includes a receipt for "Other" of £2500)

Total Sales Ledger A/C is £48650.01

Total SLCA is £45050.01

Difference £3600

If I credit the sub a/c with £3600 do I debit the SLCA? or am I completely off track :001_unsure:

crispy

Hello,

Initial thought was there would be no Dr Entry - as you are correcting the sales ledger susbisd. account only, which in itself does not form part of the double entry system.

If the SLCA Account and Bank Account are posted to correctly for the receipt - I don't think there would be a journal to post, just simply correct the individual customer account.

This may or may not be fully correct however I warn

Richard

crispy wrote: »

Hello,

Initial thought was there would be no Dr Entry - as you are correcting the sales ledger susbisd. account only, which in itself does not form part of the double entry system.

If the SLCA Account and Bank Account are posted to correctly for the receipt - I don't think there would be a journal to post, just simply correct the individual customer account.

This may or may not be fully correct however I warn

Yeah I agree. Assuming that the error is the £1597.16 there are no journals required. However, if the £1597.16 is the actual amount received, there will be some correcting journals required.

Karen, does the question tell you which amount is incorrect?

kazcraw

Many thanks to you both - sorted it :001_smile: