Ledger Balances – NBC Institute

FA – Nov 2011 – L1 – SA – Q8 – Trial Balance

This question asks about what a collection of ledger balances is used for.

Question

A collection of ledger balances is used in preparing?

Answer

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Tags: Ledger Balances, Trial Balance
Level: Level 1

Topic: Trial Balance: Usefulness and Limitations
Series: NOV 2011

FA – May 2013 – L1 – SA – Q27 – Accounting Concepts

This question defines what a trial balance is.

Question

A detailed list of account balances extracted from the ledger at a particular date is called:

Answer

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Tags: Ledger Balances, Trial Balance
Level: Level 1

Topic: Accounting Concepts
Series: MAY 2013

FA – May 2014 – L1 – SA – Q5 – Double-Entry Accounting Principles

Identifies the purpose of a collection of ledger balances.

Question

A collection of ledger balances is used in preparing …………………………………

Answer

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Tags: Financial Statements, Ledger Balances, Trial Balance
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: MAY 2014

FA – Nov 2021 – L1 – SA – Q3 – Correction of errors

This question asks about correcting errors in ledger accounts.

Question

A cheque of N5,000,000 paid to Alhaji Daleko was correctly entered in the cash book but omitted in Alhaji Daleko’s account. To correct this error, debit Alhaji Daleko’s account and credit:
A. Cash account
B. Bank account
C. Suspense account
D. Purchases account
E. Control account

Answer

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Tags: Error Correction, Ledger Balances, Multiple Choice
Level: Level 1

Topic: Correction of errors
Series: NOV 2021

FA – May 2024 – L1 – SB – Q3b – Control Accounts

Makes necessary adjustments in the receivables control account and reconciles the adjusted balance with the ledger accounts.

Question

b. Baba Enterprise’s receivables ledger control account on June 30, 2023, has a debit balance of ₦4,750,000, which did not agree with the net total of the list of receivables ledger balances as at that date. The following errors were discovered:

Sales returns of ₦175,000 by Uda have been recorded in Uda’s account in the receivables ledger but the transaction was not posted to the general ledger.
Credit sales of ₦200,000 to Chioma were not recorded in the control account but were recorded in the personal ledger of Chioma.
An item of goods sold to Abe, ₦312,500, had been entered once in the sales day book but posted to his account twice.
Baba Enterprise had expected Idowu to take advantage of a settlement discount of ₦32,750. Idowu did not settle the account on time to qualify for the discount. This has been recorded correctly in Idowu’s account but not entered in the general ledger.
A bad debt amounting to ₦500,000 had been written off in the receivables ledger but had not been posted to the bad debts expense account or entered in the control account.
Debit balances in the receivables ledger, amounting to ₦128,750, had been omitted from the list of balances.
Payment of ₦120,000 received from Kwali was posted to the cash book but not recorded in the control account.
Credit sales was overstated by ₦250,000 in the control account.
No entry had been made in the control account in respect of the transfer of a debit of ₦89,000 from Taju’s account in the receivables ledger to his account in the payables ledger.

Required:

i. Make the necessary adjustments in the receivables control account and bring down the adjusted balance. (10 Marks)

ii. Reconcile the adjusted balance with the total balance in the individual receivables ledger account. (4 Marks)

Answer

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Tags: Ledger Balances, Receivables Control Account, Reconciliation
Level: Level 1

Topic: Control Accounts
Series: MAY 2024

FA – Nov 2011 – L1 – SA – Q8 – Trial Balance

This question asks about what a collection of ledger balances is used for.

Question

A collection of ledger balances is used in preparing?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Ledger Balances, Trial Balance
Level: Level 1

Topic: Trial Balance: Usefulness and Limitations
Series: NOV 2011

FA – May 2013 – L1 – SA – Q27 – Accounting Concepts

This question defines what a trial balance is.

Question

A detailed list of account balances extracted from the ledger at a particular date is called:

Answer

Find Related Questions by Tags, levels, etc.

Tags: Ledger Balances, Trial Balance
Level: Level 1

Topic: Accounting Concepts
Series: MAY 2013

FA – May 2014 – L1 – SA – Q5 – Double-Entry Accounting Principles

Identifies the purpose of a collection of ledger balances.

Question

A collection of ledger balances is used in preparing …………………………………

Answer

Find Related Questions by Tags, levels, etc.

Tags: Financial Statements, Ledger Balances, Trial Balance
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: MAY 2014

FA – Nov 2021 – L1 – SA – Q3 – Correction of errors

This question asks about correcting errors in ledger accounts.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Error Correction, Ledger Balances, Multiple Choice
Level: Level 1

Topic: Correction of errors
Series: NOV 2021

FA – May 2024 – L1 – SB – Q3b – Control Accounts

Makes necessary adjustments in the receivables control account and reconciles the adjusted balance with the ledger accounts.

Question

Sales returns of ₦175,000 by Uda have been recorded in Uda’s account in the receivables ledger but the transaction was not posted to the general ledger.
Credit sales of ₦200,000 to Chioma were not recorded in the control account but were recorded in the personal ledger of Chioma.
An item of goods sold to Abe, ₦312,500, had been entered once in the sales day book but posted to his account twice.
Baba Enterprise had expected Idowu to take advantage of a settlement discount of ₦32,750. Idowu did not settle the account on time to qualify for the discount. This has been recorded correctly in Idowu’s account but not entered in the general ledger.
A bad debt amounting to ₦500,000 had been written off in the receivables ledger but had not been posted to the bad debts expense account or entered in the control account.
Debit balances in the receivables ledger, amounting to ₦128,750, had been omitted from the list of balances.
Payment of ₦120,000 received from Kwali was posted to the cash book but not recorded in the control account.
Credit sales was overstated by ₦250,000 in the control account.
No entry had been made in the control account in respect of the transfer of a debit of ₦89,000 from Taju’s account in the receivables ledger to his account in the payables ledger.

Required:

i. Make the necessary adjustments in the receivables control account and bring down the adjusted balance. (10 Marks)

ii. Reconcile the adjusted balance with the total balance in the individual receivables ledger account. (4 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Ledger Balances, Receivables Control Account, Reconciliation
Level: Level 1

Topic: Control Accounts
Series: MAY 2024

Question Tag: Ledger Balances

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FA – Nov 2011 – L1 – SA – Q8 – Trial Balance

This question asks about what a collection of ledger balances is used for.

FA – May 2013 – L1 – SA – Q27 – Accounting Concepts

This question defines what a trial balance is.

FA – May 2014 – L1 – SA – Q5 – Double-Entry Accounting Principles

Identifies the purpose of a collection of ledger balances.

FA – Nov 2021 – L1 – SA – Q3 – Correction of errors

This question asks about correcting errors in ledger accounts.

FA – May 2024 – L1 – SB – Q3b – Control Accounts

Makes necessary adjustments in the receivables control account and reconciles the adjusted balance with the ledger accounts.

FA – Nov 2011 – L1 – SA – Q8 – Trial Balance

This question asks about what a collection of ledger balances is used for.

FA – May 2013 – L1 – SA – Q27 – Accounting Concepts

This question defines what a trial balance is.

FA – May 2014 – L1 – SA – Q5 – Double-Entry Accounting Principles

Identifies the purpose of a collection of ledger balances.

FA – Nov 2021 – L1 – SA – Q3 – Correction of errors

This question asks about correcting errors in ledger accounts.

FA – May 2024 – L1 – SB – Q3b – Control Accounts

Makes necessary adjustments in the receivables control account and reconciles the adjusted balance with the ledger accounts.

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Question Tag: Ledger Balances

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FA – Nov 2011 – L1 – SA – Q8 – Trial Balance

This question asks about what a collection of ledger balances is used for.

You're reporting an error for "FA – Nov 2011 – L1 – SA – Q8 – Trial Balance"

FA – May 2013 – L1 – SA – Q27 – Accounting Concepts

This question defines what a trial balance is.

You're reporting an error for "FA – May 2013 – L1 – SA – Q27 – Accounting Concepts"

FA – May 2014 – L1 – SA – Q5 – Double-Entry Accounting Principles

Identifies the purpose of a collection of ledger balances.

You're reporting an error for "FA – May 2014 – L1 – SA – Q5 – Double-Entry Accounting Principles"

FA – Nov 2021 – L1 – SA – Q3 – Correction of errors

This question asks about correcting errors in ledger accounts.

You're reporting an error for "FA – Nov 2021 – L1 – SA – Q3 – Correction of errors"

FA – May 2024 – L1 – SB – Q3b – Control Accounts

Makes necessary adjustments in the receivables control account and reconciles the adjusted balance with the ledger accounts.

You're reporting an error for "FA – May 2024 – L1 – SB – Q3b – Control Accounts"

FA – Nov 2011 – L1 – SA – Q8 – Trial Balance

This question asks about what a collection of ledger balances is used for.

You're reporting an error for "FA – Nov 2011 – L1 – SA – Q8 – Trial Balance"

FA – May 2013 – L1 – SA – Q27 – Accounting Concepts

This question defines what a trial balance is.

You're reporting an error for "FA – May 2013 – L1 – SA – Q27 – Accounting Concepts"

FA – May 2014 – L1 – SA – Q5 – Double-Entry Accounting Principles

Identifies the purpose of a collection of ledger balances.

You're reporting an error for "FA – May 2014 – L1 – SA – Q5 – Double-Entry Accounting Principles"

FA – Nov 2021 – L1 – SA – Q3 – Correction of errors

This question asks about correcting errors in ledger accounts.

You're reporting an error for "FA – Nov 2021 – L1 – SA – Q3 – Correction of errors"

FA – May 2024 – L1 – SB – Q3b – Control Accounts

Makes necessary adjustments in the receivables control account and reconciles the adjusted balance with the ledger accounts.

You're reporting an error for "FA – May 2024 – L1 – SB – Q3b – Control Accounts"

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