Exercises

1. Amy's payable ledger control account is an integral part of the double entry system. Individual ledger account balances are listed and totaled on a monthly basis, and reconciled to the control account balance. Information for the month of March is as follows:

? Individual ledger account balances at 31 March have been totaled at $19,766

? The payable ledger control account balance at 31 March is $21,832.

On further examination the following errors are discovered:

? The total of discount received for the month, amounting to $1,750 has not been entered in the control account.

? On listing-out, an individual credit balance of $205 has been incorrectly treated as a debit.

? A petty cash payment of $63 has been correctly treated in the control account, but no entry has been made in the supplier's individual ledger account.

? Purchase day book total for March has been undercasted by $2,000

? Contras (set-offs) with the receivable ledger of $2,004 have been correctly treated in the individual ledger accounts but no entry has been made in the control account.  

常見問法：

1. Which of the following requires a double entry to correct?

2. What is the remaining difference after error correction?

3. What is the influence on net profit?

S.L. per Question:      19,766

Influence on net profit: