Ordan received a statement from one of its suppliers, Alta, showing a balance due of $3,980.The amount due according to the payables ledger account of Alta in Ordan’s records was only$3,110. Comparison of the statement and the ledger account revealed the followingdifferences:(1) A payment sent by Ordan for $270 has not been allowed for in Alta’s statement.(2) Alta has not allowed for goods returned by Ordan $180.(3) Ordan made a contra entry, reducing the amount due to Alta by $320, for a balancedue from Alta in Ordan’s receivables ledger. No such entry has been made in Alta’srecords.What difference remains between the two companies’ records after adjusting for theseitems?
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1 .At 1 July 2011 a company had an allowance for receivables of $83,000.During the year ended 30 June 2012 debts totalling $146,000 were written off. At 30 June2012 it was decided that $218,000 was required as a receivables allowance.What is the total amount that should appear in profit or loss for the year ended 30 June2012 for irrecoverable debts?
A $11,000 B $155,000 C $281,000 D $364,000
2 .At 31 December 2012 a company’s trade receivables totalled $864,000 and the allowance forreceivables was $48,000.It was decided that debts totalling $13,000 were to be written off, and the receivableallowance adjusted to 5% of the receivables.What figures should appear in the income statement and statement of financial positionin respect of receivables (after accounting for the allowance)?
A Income statement $8,200Statement of financial position $807,800 B Income statement $7,550Statement of financial position $808,450 C Income statement $18,450Statement of financial position $808,450 D Income statement $55,550Statement of financial position $808,450
3 .
A $133,840 B $135,540 C $137,740 D $139,840
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A Alpha has sent a cheque to Beta for $500 which has not yet been received by Beta. B The credit side of Beta’s account in Alpha’s records has been undercast by $500. C An invoice for $250 from Beta has been treated in Alpha’s records as if it had beena credit note. D Beta has issued a credit ...
5 .At 30 June 2011 a company’s allowance for receivables was $39,000. At 30 June 2012 tradereceivables totalled $517,000. It was decided to write off debts totalling $37,000 and toadjust the allowance for receivables to the equivalent of 5% of the trade receivables based onpast events.What figure should appear in profit or loss for these items?
A $22,000 B $23,850 C $24,000 D $61,000
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A $31,500 B $32,900 C $49,500 D $50,900
8 .What should the closing balance be when the errors have been corrected?
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