Unit 3 simulation

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
Hi, I am doing AAT foundation with FTC, I am new to posting on this forum but always come here to have a look if I have any problems, and normally i can find an answer! But I was doing a practice PLB simulation the other day and came across a problem. By bank balance and cash book all balanced out ok, but my sales ledger control a/c balance was about 3,000 more than the subsidiary ledger, I put this down to a bad debt expense which wasn't taken off the subsidiary ledger (in the journal bit) as it was the exact amount but thinking about it now if that was the case wouldn't the amount on the subsidiary ledger be more than the SLCA as the bad debt would be taken off as a credit on the subsidiary ledger, bringing the amount back down. The only thing I can think of is that I balanced down the SLCA wrong.... Can anyone help??!!! Thanks

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Unit 3 simulation

    I usually forget to put the Opening balance (ie add up all the sales ledger o/bs), into the control account...

    Do you need to include the 'bad debt' in this total, then post it to credit side as well?

    Debits: sales, failed payments, interest charged.

    Credits: payments made, discount, returns, and bad debts.

    Is it just Sales or are you doing Purchase side as well? (ie have u posted something else that adds up to 3000?)
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Unit 3 simulation

    Did you sort out the problem?

    Your solution may be of help to those who are doing the exam in 3 and a bit weeks...

Categories

Privacy Policy