The following payables control account contains some errors.
All goods are purchased on credit.
PAYABLES CONTROL ACCOUNT
DR Purchases 945,800
DR Discounts received 12,600
DR Contras with receivables ledger 4,200
DR Closing balance 410,400
DR Total 1,373,000
CR Opening balance 384,600
CR Cash paid to suppliers 988,400
CR Total 1,373,000
What should the closing balance be when the errors have been corrected?
Select ONE answer:
- £325,200
- £350,400
- £333,600
- £410,400
Show your workings to arrive at your answer, and explain and justify your reasons:
……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
This multiple-choice question is suitable for Accounting KS5 classes.
The answer is 1
- Correct –> 384,600 + 945,800 – 988,400 – 12,600 – 4,200 = £325,200
- Not correct
- Not correct
- Not correct
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