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

Chapter 23 

KAPLAN PUBLISHING

473 

41  On 1 January 20X5, a business had trade receivables of $22,000. As at 

31 December 20X5, the business had the following ledger account 

balances: 

$

Sales for the year 

120,000 

Bank receipts for the year 

115,000 

Discount received for the year 

3,000 

Dishonoured cheque 

9,000 

Contra – set off 

6,000 

What was the closing trade receivables balance after taking the 

information above into account? 

$________ 

Control account reconciliations 

42  A receivables’ ledger control account had a closing balance of $8,500. It 

contained a contra to the purchase ledger of $400, but this had been 

entered on the wrong side of the control account. 

The correct balance on the receivables’ ledger control account 

should be: 

A $7,700 

debit 

B $8,100 

debit 

C $8,400 

debit 

D $8,900 

debit 

43  The receivables’ ledger control account at 1 May had balances of $32,750 

debit and $1,275 credit. During May sales of $125,000 were made on 

credit. Receipts from receivables amounted to $123,050. Refunds of 

$1,300 were made to customers. The closing credit balance is $2,000.