Accounting: Control Account (20分!!!)

2006-11-22 5:33 am
(1) The purchases daybook has been undercast by $700.
(2) A purchase of $5000 from Tune Ltd had not been entered into its personal account
(3) The debit balance on Soul Ltd account was due to the error in recording a payment to its account as $940 instead of the correct amount $490
(4) Tha debit balance on Lunn Ltd account represents payment in advance for delivery of goods
我想問下e幾題既correcting journal entries(including memo postings to the creditors ledger, if any)

回答 (3)

2006-11-23 12:17 am
✔ 最佳答案
(1)
The entry for Purchase Day Book is:
DR Purchases
CR Creditors Control Account

Since the total in the Purchase Day Book has undercasted by $700, the correction entry shall be:

DR Purchases $700
CR Creditors Control Account $700

(2)
DR Creditors Control Account $5,000
CR Creditors - Tune Ltd $5,000

Note
Your General Ledger has already booked this purchase transaction by:
DR Purchases $5000
CR Creditors Control Account $5000

(3)
The settlement recorded in the Creditors Sub-Ledger has been over-stated by $450 ($940 - $490); therefore, the correction entry shall be made in the Creditors Sub-Ledger:
DR Creditors Control Account $450
CR Creditors - Soul Ltd $450

Note:
Soul Ltd is a creditor since we made payment to them

(4)
this is about we pay in advance to one of our creditor for goods.
although it is not normal for a creditor account at debit balance and to be theoretically correct, it shall be reported as Prepayment (Current Asset), we seldom do any adjustment in this situation since when the goods are delivered and invoice is received, we shall credit the purchase amount to the creditors account

I hope it helps!
2007-03-26 4:31 am
Can I ask you accounting through Email??
Because my accounting is too bad
My Email is [email protected]
2006-11-22 8:20 am
Hi Cherry,
I've seen all your questions (1-8), don't be worry, I will give you all the answers within 2 days.


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