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 not
agree 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?
The answer given is:
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 :)