- 1 Marks
FA – May 2017 – L1 – SA – Q11 – Control Accounts
Involves adjusting a Payable Ledger Control Account balance after a contra entry was wrongly entered.
Question
A Payable Ledger Control Account had a closing balance of N102,000. This included a contra to the sales ledger of N4,800, which had been entered on the wrong side of the control account.
The correct balance on the control account should be:
A. N92,400 credit
B. N98,200 credit
C. N100,800 credit
D. N106,800 credit
E. N111,600 credit
Find Related Questions by Tags, levels, etc.
- Tags: Accounting Errors, Contra Entry, Control Accounts, Payables Ledger
- Level: Level 1
- Topic: Control Accounts
- Series: MAY 2017
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