Reconciling payables ledger with payables control account | AccountingWEB

Reconciling payables ledger with payables control account

Hi all,


Hope I'm posting this in the right place, and that it's allowed.


My question pertains directly to the F3 Pilot Paper provided on ACCAs own website; specifically, question 18.


I'll reprint it here, in full, for ease:



The total of the list of balances in Valley’s payables ledger was $438,900 at 30 June 20X6. This balance did notagree with Valley’s payables ledger control account balance. The following errors were discovered: (1) A contra entry of $980 was recorded in the payables ledger control account, but not in the payables ledger.(2) The total of the purchase returns daybook was undercast by $1,000.(3) An invoice for $4,344 was posted to the supplier’s account as $4,434. What amount should Valley report in its statement of financial position for accounts payable at 30 June 20X6? A $436,830B $438,010C $439,790D $437,830 The answer given is:D. 438,900(980)(90)437,830 I absolutely cannot fathom why they have not included the second error. Surely you would debit that amount to the total creditors, too? Any help here would be much appreciated :)

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Formatting seems to have been lost in translation...

GetEveryone |

Re-read the question.

alattax |

Thanks a lot.

GetEveryone |

Glad I don't do exams anymore!

3569787 |
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