Practice CBT 1 query

new to this forum, I need help with one of the questions in the above mentioned test. I simply do not know how to tackle and answer it correctly. Thanks in advance


  • SCloMar
    SCloMar Registered Posts: 10
    Hi Katriona.

    These can be a little tricky as it involves a bit of trial and error but this is the way I always tackled them:

    1. Work out what is owed on the account above - so the balance c/d is 5187.
    2. Work out the difference between what they have sent to settle the account and the amount we have. 5187-1567 = £ 3580. This is the amount we need to find.
    3. Look at the date that the cheque was sent to us to settle the account - 28 February. If we look in the sales ledger a transaction was recorded on 28 Feb (Invoice 1281) so it is unlikely the cheque covers this as it was sent to us on 28 Feb. What do we have left to find? 3580-3420=160
    4. We know there are three transactions missing so we have two left to find which need to total 160. This is a bit of trial and error work. However you do know that the two figures need to add up to an even number 60.
    5. Looking at dates again, There is a credit note (Credit note 96) also recorded very late in the month 25 Feb for 110. So let's add that on to see. 160+110= 270
    6. We have 270 remaining to find .... if we look through the other transactions theres an invoice for 270 on 8 Feb! (Invoice 1223)

    Hope this helps. Like I say it can be a bit tricky but using the dates can help to find the majority of the missing transactions . In practice this would be because of timing issues of people sending and receiving actual invoices/credit notes, payments etc

  • Katriona
    Katriona Registered Posts: 4
    thank you Sarah,
    I got completely thrown by it. I could answer part of it but not all of it.
  • Pian32
    Pian32 MAAT Posts: 471
    Another way of looking at it is to match things up.

    I'd look at the dates and deduce things that are likely to happen from that.

    The credit note on the 1st of February is almost certainly related to the opening balance. 1349-480 = 869 which matches the bank payment on the 4th.

    I'd then say that the invoice on the 28th won't have been received so that isn't part of the payment (even if it has been received it is too large for the payment of £1,567.

    Out of the remaining invoices the £1,208 has to have been included in the payment of £1567 as all the other payments together would be too small.

    So 1567-1208=£359, From there 359 +32 = 391 matching up Invoice 1268 and Credit Note 91 along with the payment made.

    That means you are left with:
    Invoice 1223
    Credit Note 69
    Invoice 1281

    Both methods are worth using. I quite like the one I've listed as it matches up your invoices and credit notes which is something I end up doing a lot when reconcilling payments but everyone thinks differently so I'd try both and see which works for you.
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