A company purchases all goods on credit. The following payables ledger control account contains some errors: Payables ledger control account USD USD Purchases 963,200 Opening balance 384,600 Discounts received 12,600 Cash paid to suppliers 988,400 Contras with amounts receivable in receivables ledger 4,200 Purchases returns 17,400 Closing balance 410,400 ——— ——— 1,390,400 1,390,400 ——— ——— What should the closing balance be when the errors have been corrected?
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3 .An extract of Moon’s draft trial balance as at 31 October 2015 includes the following: Debit Credit Allowance for receivables as at 1 November 2014 USD6,546 Trade receivables USD251,760 As at 31 October 2015 Grundle’s balance to Moon of USD1,860 is irrecoverable. Blenheim owes USD12,650, but Moon believes a loss allowance of 40% of this amount is necessary.What is the total debit required to Moon’s irrecoverable debts expense account?
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4 .At its year end of 31 July 2015 Hussar has trade receivables of USD578,645, a loss allowance in respect of Cusack as at 1 August 2014 of USD1,200 and a charge for irrecoverable debts expense of USD3,290. The following have still to be accounted for:(1) Cusack’s account was settled in full in the year;(2) A loss allowance of USD250 is required against the account of Dancer;(3) USD89 was received at 31 July 2015 in respect of an amount written off two years ago, but only the cash book has been updated for this.What amounts should be shown in the financial statements as at 31 July 2015?
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