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CBE Specimen
Section A: Q18
Summary »
SPECIMEN EXAM
 0 of 2 marks
Q18 Section A
It’s lucky you’re good
looking!
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
as accounts payable at 30 June 20X6?
$438,010
$437,830
$439,790
$436,830
The correct answer is
$437,830
Explanation
$
List of balances on payable ledger
438,900
(1) Contra
(980)
(2) Does not a!ect list of balances
(3) Error on invoice posting
(90)
Reconciled list of balances to control account
437,830
The reconciled balance is reported in statement of financial position
Marking guide
Related textbook topics: E2d. Impact of errors
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CBE Specimen
Section A: Q17
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CBE Specimen
Section A: Q19
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