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warranty provision for the year to 20X3?  

 

Statement of profit or loss 

Statement of financial position 

A  

$99,750 Cr 

nil 

B  

$99,750 Dr 

nil 

C  

$29,650 Dr 

$129,400 Cr 

D 

$29,650 Cr 

$129,400 Cr 

 

(2 marks) 

55 

A company has a brought forward payables balance of $308,600 Cr. The following control 

account has been prepared by a trainee accountant.  

PAYABLES LEDGER CONTROL ACCOUNT 

 $ 

 

$ 

Opening balance 

 308,600 

Credit purchases 

 337,200 

Interest payable on overdue 

amounts 

3,600   Cash purchases 

55,670  

Contras against credit balance in 

receivable ledger 

1,400 

Goods returned by customers 

 2,400 

Cash paid 

222,340 

Discounts received 

 4,900 

 

               Closing 

balance 

 

135,770 

 

 535,940 

 

 535,940 

What should the closing balance be when all the errors made in preparing the payables ledger 

control account have been corrected?  

A $202,440 

B $420,760 

C $470,430 

D $472,830 

 

(2 marks) 

BPP Tutor Toolkit Copy

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PRACTICE QUESTION BANK 

 

497 

56 

Claire is trying to reconcile the list of receivables balances with the balance on the receivables 

control account.  

Which of the following would cause a difference between the total of the list of receivables