Acca financial Accounting (FA) Study Text ac ca (FA)

Control account reconciliations 

250

 

KAPLAN PUBLISHING

 

4 

Cash received of $800 has been debited to the individual 

customer’s account in the accounts receivable ledger. 

5 

Total credit sales of $4,500 to a large accountancy firm, Close & 

Counter have been posted correctly to the ledger account but not 

recorded in the control account. 

Correct the receivables’ ledger control account and reconcile this 

to the sum total of the individual accounts in the accounts 

receivable ledger. 

Test your understanding 4 

Tonga received a statement from a supplier, Cook, showing a balance of 

$14,810. Tonga’s Payables’ ledger shows a balance due to Cook of 

$10,000. Investigation reveals the following: 

1 

Cash paid to Cook of $4,080 has not been recorded by Cook. 

2 

Tonga’s recorded the fact that a $40 cash discount was not 

allowed by Cook, but forgot to record this in the payables’ ledger.