Formica purchases inventory on credit from a large

number of #8219
Formica purchases inventory on credit from a large number of suppliers. The company
maintains a purchases ledger control account as an integral part of its double-entry system and
in addition maintains supplier accounts on a memorandum basis in a purchases ledger. At the
end of October 20X2 the balance of £25,450 on the purchases ledger control account failed to
agree with the total of the balances from the purchases ledger. The total of the list of credit
suppliers' balances is £27,620. The following errors have been subsequently discovered:1.
Goods costing £350 purchased on credit from Yellow had been entered into the purchases day
book at £600.2. An amount of £1,500 paid to Hunt had been correctly entered into the cash
book but had been entered into Jack's account at £1,550.3. The return of goods purchased on
credit costing £800 had been completely omitted from the books.4. The purchase day book has
been under cast by £2,220?Requireda. Adjust the purchase ledger control account to show the
amendments to the original balance.b. Adjust the list of balances in the purchases ledger to
agree with the control account?View Solution:
Formica purchases inventory on credit from a large number of

ANSWER
http://paperinstant.com/downloads/formica-purchases-inventory-on-credit-from-a-large-number-
of/

1/1
Powered by TCPDF (www.tcpdf.org)