Control accounts help please...
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Can anyone help me to reconcile the sales ledger control account balance with the customer balances please?<BR><BR>The details are as follows:<BR><BR>Sales ledger control a/c - balance b/d 60,744 debit <BR>sales ledger - balance b/d 30,338 <BR><BR>Info:-<BR><BR>1) Page in sales day book added incorrectly, total carried forward as 52,334 instead of correct amount of 25,334 (difference 27000).<BR>2) No entries been made for subsidiary account for bad debts, but have been made in control a/c. total needs adjusting £2,414.<BR>3) Debtor balance of 5,668 omitted from list of individual balances. <BR>4) Cash refund given to debtor of 3,450 has been adjusted on list of individual balances but no entry made in sales ledgeer control.<BR>5) Sub ledger account debtor has been listed as a debit balance of 13,740 instead of 17,340 (3,600 difference).<BR><BR>For 1, I had added 27,000 to customer balances<BR>For 2, I had put less 2,414 bad debts in customer balances<BR>3, Added 5,668 to supplier balances and control account<BR>4, Less 3,450 off control account balance<BR>5, Added 3,600 to customer balances and control a/c <BR><BR>
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Control accounts help please...
Hi MissL. I make that a £2 difference. Are you sure they're the correct figures? Your theory's good though.<BR><BR>Scotty.0 -
Control accounts help please...
Please check your figures this doesnt balance as it stands0 -
Control accounts help please...
Hi both of you. <BR><BR>I dont know what you mean about the 'correct figures'. The figures I gave you are the correct ones as per the question. All it says is 'make any adjustments necessary in order to reconcile the sales ledger control account against the list of individual balances'.<BR>You have a sales ledger control account on 1 page with the b/d figure of 60,744 and on the next page, a customer balances listing with a balance b/d of 30,338. Any ideas?0 -
Control accounts help please...
Still cant make this balance out.<BR>Should there have been some entries in the control account before doing this reconciliation?<BR><BR>It just doesnt work!0 -
Control accounts help please...
Hi Karen, some further information for you<BR><BR>Sales ledger control -<BR><BR>DEBIT CREDIT<BR>balance b/d 138,870 Debtor receipts 449,817<BR>credit sales 478,110 discount allowed 19,053<BR> sales returns 5,115<BR> bad debts written off 7,977<BR> p ledger contra 74,274<BR> balance c/d 60,744<BR> 616980 616980<BR><BR>balance b/d 60,744<BR><BR><BR>I am not sure what I am supposed to doing, I only have limited amount of information on control accounts in my text book you see.0 -
Control accounts help please...
Hi MissL.<BR><BR>The balances should reconcile, i.e be the same, after you have made the adjustments. Using the figures you gave us they don't. Have you copied the figures correctly?<BR><BR>Scotty.0 -
Control accounts help please...
Still dont get it<BR>this means Control account should read<BR> Dr Balance B/d 138870 + Dr Credit Sales478110 = 616980<BR><BR> Cr Receipts 449817 + discount 19053 + sales returns 5115 + bad debts 7977 + contra 74274=556256<BR><BR>The Cr balance to carry down is 616980-556256 =60724 (£20.00 different to the balance you gave)<BR><BR>But even using these figs I cant balance the control account with the list of debtors accounts0 -
Control accounts help please...
I dont get it either, perhaps there is an error in my workbook because those figures I gave you are correct according to the workbook...think I better ask my new lecturer when I get one. Thanks anyway karen and scotty.0 -
Control accounts help please...
I have the same question and it does not make any sense. and another for a plca. did you get any help?0 -
Control accounts help please...
Im still waiting for my new lecturer to contact me so I can get some answers....0