Question Tag: Receivables Control Account

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FA – May 2022 – L1 – SB – Q4a – Control Accounts

Prepare the receivables control account and allowances for doubtful debts for Rivers Limited.

Question

Rivers Limited has trade receivables of ₦1,922,000 on April 1, 2020. At the end of its accounting year on March 31, 2021, sales on credit were ₦6,247,000, receipts from customers were ₦6,297,000, and bad debts written off were ₦172,000. In addition, Rivers Limited has a policy of providing 2% allowances on its trade receivables.

Required:
(i) Prepare the Receivables Control Account
(ii) Prepare the Allowances for Doubtful Debt

Answer

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Tags: Doubtful Debts, Receivables Control Account, Trade receivables
Level: Level 1

Topic: Control Accounts
Series: MAY 2022

FA – Nov 2019 – L2 – SB – Q4 – Control Accounts

The question requires differentiating between receivables and payables control accounts, highlighting the uses of control accounts, and preparing sales and purchases ledger control accounts using provided transaction data.

Question

a. The Chief Executive Officer (CEO) of Favourite Gift Shop buys and sells gift items to both individuals and organisations. The CEO has close personal relationships with her business partners and knows the amount owed to her suppliers.

In a recent meeting held between the CEO and the Auditor, the Auditor brought up the issue of the unavoidable need for the business to maintain the relevant control accounts. The CEO is seriously considering adhering to the auditor’s recommendation but needs further clarification on the issue.

Required:
i. Differentiate between receivables control account and payables control account. (2 Marks)

ii. Highlight FOUR uses of control accounts. (4 Marks)

b. The following information is extracted from the books of Favourite Gift Shop for October 1, 2019:

Transaction	Debit	Credit
Sales Ledger Balance	N7,200 (debit)	N45 (credit)
Bought Ledger Balance	N100 (debit)	N2,910 (credit)
Sales Day Book Total	N105,540
Purchases Day Book Total	N94,150
Returns Inwards	N4,710
Bank Draft Received	N13,500
Cheques Payment to Suppliers	N82,000
Cheques Returned	N3,750
Bad Debts Written Off	N3,200
Cash Sales	N180
Discount Allowed	N1,350
Discount Received	N2,835
Returns Outwards Day Book	X
Purchases Ledger Contra	N780
Petty Cash Paid to Suppliers	N100
Drafts Issued to Suppliers	N6,450
Debit Balance in Sales Ledger Transferred to Purchases Ledger	N780
Discount Withdrawn by Suppliers	N435
SMS Alerts for Cheques Received from Customers	N42,500
Discount Disallowed	N450
October 31, 2019 Sales Ledger Balance	N24,765 (debit)	N290 (credit)
October 31, 2019 Bought Ledger Balance	N114 (debit)	N4,260 (credit)

Required:
i. Prepare the sales ledger control account for the period. (7 Marks)
ii. Prepare the purchases ledger control account for the period. (7 Marks)

Answer

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Tags: Payables Control Account, Purchases Ledger, Receivables Control Account, Sales Ledger, Uses of Control Accounts
Level: Level 1

Topic: Control Accounts
Series: NOV 2019

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 – July 2023 – L1 – Q3 – Control accounts and account reconciliations

Prepare a receivables control account and reconcile it with the schedule of receivables. Identify and explain six books of prime entry.

Question

a) The transactions below relate to Affram Ltd for the year ended 30 April 2022:

1 May 2021 balance b/d:

Account	GHȼ
Sales Ledger Control Account	180,000 Dr

Totals for the year 1 May 2021 to 30 April 2022:

Item	Amount (GHȼ)
Credit sales	600,500
Receipts from customers	690,100
Discount allowed	12,000
Irrecoverable debts	5,400
Sales returns	4,600
Dishonoured cheques from customers	3,000
Contras between sales and purchases	14,000

The Sales Ledger Control Account balance failed to agree with the total receivables of GHȼ67,800 as shown by the Schedule of Receivables.

The following errors were subsequently discovered:

The discount allowed total in the Cash Book had been overstated by GHȼ400.
The total of sales in the Sales Journal had been understated by GHȼ3,000.
A cheque received from a customer for GHȼ2,000, correctly processed through the books, had subsequently been dishonoured. This item had been correctly dealt with in the customer’s account, but no other entry has yet been made.
Goods costing GHȼ5,000 had been returned by a customer. The transaction had been correctly recorded in the Sales Ledger Control Account, but this has not been entered in the customer’s account.
Papa Yaw, a customer, has been declared bankrupt and his debt of GHȼ1,500 is to be written off. No entries have yet been made.

Required:

i) Prepare the Receivables Control Account for the year ended 30 April 2022. (8 marks)
ii) Prepare a statement reconciling the corrected balance on the Receivables Control Account with the corrected balance on the Schedule of Receivables. (3 marks)

b) Book-keeping is the process of recording financial transactions in the accounting records (the books) of an entity. Transactions are initially recorded in books of prime entry also known as books of original entry.

Required:

Identify SIX (6) books of prime entry and their functions. (9 marks)

Answer

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Tags: Books of Prime Entry, Error Correction, Receivables Control Account, Sales Ledger, Schedule of Receivables
Level: Level 1

Topic: Control accounts and account reconciliations
Series: JULY 2023

FA – Nov 2021 – L1 – Q3 – Control accounts and account reconciliations

Preparation of Receivables and Payables Control Accounts, including adjustments for dishonored cheques, discounts, and contra entries.

Question

The following information relates to the receivables and payables of Daakye, a sole trader, for the year ended 31 December 2020.

Extract from the books as at 1 January 2020 is stated below:

Account	Amount (GHȼ)
Receivables’ ledger debit balances	400,000 Dr
Receivables’ ledger credit balances	40,000 Cr
Payables’ ledger credit balances	360,000 Cr
Payables’ ledger debit balances	160,000 Dr

Transactions for the year ended 31 December 2020:

Transaction	Amount (GHȼ)
Sales on credit	2,800,000
Sales returns (all credit)	160,000
Purchases on credit	1,800,000
Purchases returns (all on credit)	80,000
Amounts received from customers	2,400,000
Discount allowed to customers	40,000
Discount received from suppliers	60,000
Bad debt written off	120,000
Interest charged by a supplier for late payment of accounts	12,000
Discount received but subsequently disallowed	6,000
Payments to suppliers	1,500,000
Dishonored cheque received from a customer (included in the amounts received from customers above)	25,000
Contra entry between receivable and payable balances	9,780

Additional Information:

A customer’s balance of GHȼ6,990 was omitted from the debit balances list as of 1 January 2020.
As at 31 December 2020, the total of the credit balances in the receivable ledger was GHȼ60,000.
The total of the debit balances in the payable ledger as at 31 December 2020 was GHȼ24,000.

Required:
a) Prepare the Receivable and Payable Control Accounts for Daakye for the year ended 31 December 2020.
(18 marks)

b) Explain TWO (2) reasons for preparing control accounts.
(2 marks)

Answer

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Tags: Contra Entries, Discounts, Dishonored Cheques, Payables Control Account, Receivables Control Account
Level: Level 1

Topic: Control accounts and account reconciliations
Series: NOV 2021

FA – May 2018 – L1 – Q1 – An introduction to business and Accounting | Control accounts and account reconciliations

Define a business, identify users of financial statements, and prepare control accounts with reconciliations.

Question

a) Accountancy is the language of business and the only profession that teaches students about business. A business primarily exists to make a profit, and one of the jobs of an Accountant is to prepare financial statements and determine the profitability of a business.
Required:
What is a business? (4 marks)

b) Identify FOUR users of financial statements and explain their information needs. (6 marks)

c) Mr. Patrick Mensah, a sole trader, has asked you to prepare the receivable and payable control accounts and ensure that the closing balances match with the list of balances. Currently, the closing balances as at 30 October 2017 are as follows:

Receivables Control Account: GH¢126,845
Payables Control Account: GH¢103,240
Receivables list of balances: GH¢123,589
Payables list of balances: GH¢104,476

On investigation, the following have been discovered:

A contra entry of GH¢3,250 has not been included in either control account.
Bad debt of GH¢1,680 has been written off in the list of balances but has not been included in the receivables control account.
The sales day book has been overstated by GH¢890, and this has not been reflected in the control account.
Purchase returns to Taifa, a supplier of GH¢256, have not been reflected in the control account.
An invoice amounting to GH¢981 for Obojo, a customer, has been entered in the sales day book as GH¢891.
A balance due to Amasaman, a supplier amounting to GH¢1,248, was not included in the list of balances.
Payment received from Amrahia, a customer for GH¢2,864, was posted to a supplier account Manhia mistakenly. The payment was correctly accounted for in the control account.
Goods purchased from a supplier Kasoa amounting to GH¢3,126 have been omitted from the relevant control account.
Bad debt recovered of GH¢300 relating to Tantra has not been updated in the list of balances but has been included in the control account.

Required: i) Based on the information provided above, prepare the Receivables and Payables Control Accounts for the year ended 30 October 2017. (8 marks)
ii) Prepare a statement reconciling the list of balances with the revised control accounts for Receivables and Payables for the year-ended 30 October 2017. (2 marks)

Answer

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Tags: Business definition, Payables Control Account, Receivables Control Account, Reconciliation, Users of financial statements
Level: Level 1

Topic: An introduction to business and Accounting, Control accounts and account reconciliations
Series: MAY 2018

FA – May 2022 – L1 – SB – Q4a – Control Accounts

Prepare the receivables control account and allowances for doubtful debts for Rivers Limited.

Question

Required:
(i) Prepare the Receivables Control Account
(ii) Prepare the Allowances for Doubtful Debt

Answer

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Tags: Doubtful Debts, Receivables Control Account, Trade receivables
Level: Level 1

Topic: Control Accounts
Series: MAY 2022

FA – Nov 2019 – L2 – SB – Q4 – Control Accounts

The question requires differentiating between receivables and payables control accounts, highlighting the uses of control accounts, and preparing sales and purchases ledger control accounts using provided transaction data.

Question

Required:
i. Differentiate between receivables control account and payables control account. (2 Marks)

ii. Highlight FOUR uses of control accounts. (4 Marks)

b. The following information is extracted from the books of Favourite Gift Shop for October 1, 2019:

Transaction	Debit	Credit
Sales Ledger Balance	N7,200 (debit)	N45 (credit)
Bought Ledger Balance	N100 (debit)	N2,910 (credit)
Sales Day Book Total	N105,540
Purchases Day Book Total	N94,150
Returns Inwards	N4,710
Bank Draft Received	N13,500
Cheques Payment to Suppliers	N82,000
Cheques Returned	N3,750
Bad Debts Written Off	N3,200
Cash Sales	N180
Discount Allowed	N1,350
Discount Received	N2,835
Returns Outwards Day Book	X
Purchases Ledger Contra	N780
Petty Cash Paid to Suppliers	N100
Drafts Issued to Suppliers	N6,450
Debit Balance in Sales Ledger Transferred to Purchases Ledger	N780
Discount Withdrawn by Suppliers	N435
SMS Alerts for Cheques Received from Customers	N42,500
Discount Disallowed	N450
October 31, 2019 Sales Ledger Balance	N24,765 (debit)	N290 (credit)
October 31, 2019 Bought Ledger Balance	N114 (debit)	N4,260 (credit)

Required:
i. Prepare the sales ledger control account for the period. (7 Marks)
ii. Prepare the purchases ledger control account for the period. (7 Marks)

Answer

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Tags: Payables Control Account, Purchases Ledger, Receivables Control Account, Sales Ledger, Uses of Control Accounts
Level: Level 1

Topic: Control Accounts
Series: NOV 2019

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

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

Topic: Control Accounts
Series: MAY 2024

FA – July 2023 – L1 – Q3 – Control accounts and account reconciliations

Prepare a receivables control account and reconcile it with the schedule of receivables. Identify and explain six books of prime entry.

Question

a) The transactions below relate to Affram Ltd for the year ended 30 April 2022:

1 May 2021 balance b/d:

Account	GHȼ
Sales Ledger Control Account	180,000 Dr

Totals for the year 1 May 2021 to 30 April 2022:

Item	Amount (GHȼ)
Credit sales	600,500
Receipts from customers	690,100
Discount allowed	12,000
Irrecoverable debts	5,400
Sales returns	4,600
Dishonoured cheques from customers	3,000
Contras between sales and purchases	14,000

The Sales Ledger Control Account balance failed to agree with the total receivables of GHȼ67,800 as shown by the Schedule of Receivables.

The following errors were subsequently discovered:

The discount allowed total in the Cash Book had been overstated by GHȼ400.
The total of sales in the Sales Journal had been understated by GHȼ3,000.
A cheque received from a customer for GHȼ2,000, correctly processed through the books, had subsequently been dishonoured. This item had been correctly dealt with in the customer’s account, but no other entry has yet been made.
Goods costing GHȼ5,000 had been returned by a customer. The transaction had been correctly recorded in the Sales Ledger Control Account, but this has not been entered in the customer’s account.
Papa Yaw, a customer, has been declared bankrupt and his debt of GHȼ1,500 is to be written off. No entries have yet been made.

Required:

Identify SIX (6) books of prime entry and their functions. (9 marks)

Answer

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Tags: Books of Prime Entry, Error Correction, Receivables Control Account, Sales Ledger, Schedule of Receivables
Level: Level 1

Topic: Control accounts and account reconciliations
Series: JULY 2023

FA – Nov 2021 – L1 – Q3 – Control accounts and account reconciliations

Preparation of Receivables and Payables Control Accounts, including adjustments for dishonored cheques, discounts, and contra entries.

Question

The following information relates to the receivables and payables of Daakye, a sole trader, for the year ended 31 December 2020.

Extract from the books as at 1 January 2020 is stated below:

Account	Amount (GHȼ)
Receivables’ ledger debit balances	400,000 Dr
Receivables’ ledger credit balances	40,000 Cr
Payables’ ledger credit balances	360,000 Cr
Payables’ ledger debit balances	160,000 Dr

Transactions for the year ended 31 December 2020:

Transaction	Amount (GHȼ)
Sales on credit	2,800,000
Sales returns (all credit)	160,000
Purchases on credit	1,800,000
Purchases returns (all on credit)	80,000
Amounts received from customers	2,400,000
Discount allowed to customers	40,000
Discount received from suppliers	60,000
Bad debt written off	120,000
Interest charged by a supplier for late payment of accounts	12,000
Discount received but subsequently disallowed	6,000
Payments to suppliers	1,500,000
Dishonored cheque received from a customer (included in the amounts received from customers above)	25,000
Contra entry between receivable and payable balances	9,780

Additional Information:

A customer’s balance of GHȼ6,990 was omitted from the debit balances list as of 1 January 2020.
As at 31 December 2020, the total of the credit balances in the receivable ledger was GHȼ60,000.
The total of the debit balances in the payable ledger as at 31 December 2020 was GHȼ24,000.

Required:
a) Prepare the Receivable and Payable Control Accounts for Daakye for the year ended 31 December 2020.
(18 marks)

b) Explain TWO (2) reasons for preparing control accounts.
(2 marks)

Answer

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Tags: Contra Entries, Discounts, Dishonored Cheques, Payables Control Account, Receivables Control Account
Level: Level 1

Topic: Control accounts and account reconciliations
Series: NOV 2021

FA – May 2018 – L1 – Q1 – An introduction to business and Accounting | Control accounts and account reconciliations

Define a business, identify users of financial statements, and prepare control accounts with reconciliations.

Question

b) Identify FOUR users of financial statements and explain their information needs. (6 marks)

Receivables Control Account: GH¢126,845
Payables Control Account: GH¢103,240
Receivables list of balances: GH¢123,589
Payables list of balances: GH¢104,476

On investigation, the following have been discovered:

A contra entry of GH¢3,250 has not been included in either control account.
Bad debt of GH¢1,680 has been written off in the list of balances but has not been included in the receivables control account.
The sales day book has been overstated by GH¢890, and this has not been reflected in the control account.
Purchase returns to Taifa, a supplier of GH¢256, have not been reflected in the control account.
An invoice amounting to GH¢981 for Obojo, a customer, has been entered in the sales day book as GH¢891.
A balance due to Amasaman, a supplier amounting to GH¢1,248, was not included in the list of balances.
Payment received from Amrahia, a customer for GH¢2,864, was posted to a supplier account Manhia mistakenly. The payment was correctly accounted for in the control account.
Goods purchased from a supplier Kasoa amounting to GH¢3,126 have been omitted from the relevant control account.
Bad debt recovered of GH¢300 relating to Tantra has not been updated in the list of balances but has been included in the control account.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business definition, Payables Control Account, Receivables Control Account, Reconciliation, Users of financial statements
Level: Level 1

Topic: An introduction to business and Accounting, Control accounts and account reconciliations
Series: MAY 2018

Question Tag: Receivables Control Account

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FA – May 2022 – L1 – SB – Q4a – Control Accounts

Prepare the receivables control account and allowances for doubtful debts for Rivers Limited.

FA – Nov 2019 – L2 – SB – Q4 – Control Accounts

The question requires differentiating between receivables and payables control accounts, highlighting the uses of control accounts, and preparing sales and purchases ledger control accounts using provided transaction data.

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 – July 2023 – L1 – Q3 – Control accounts and account reconciliations

Prepare a receivables control account and reconcile it with the schedule of receivables. Identify and explain six books of prime entry.

FA – Nov 2021 – L1 – Q3 – Control accounts and account reconciliations

Preparation of Receivables and Payables Control Accounts, including adjustments for dishonored cheques, discounts, and contra entries.

FA – May 2018 – L1 – Q1 – An introduction to business and Accounting | Control accounts and account reconciliations

Define a business, identify users of financial statements, and prepare control accounts with reconciliations.

FA – May 2022 – L1 – SB – Q4a – Control Accounts

Prepare the receivables control account and allowances for doubtful debts for Rivers Limited.

FA – Nov 2019 – L2 – SB – Q4 – Control Accounts

The question requires differentiating between receivables and payables control accounts, highlighting the uses of control accounts, and preparing sales and purchases ledger control accounts using provided transaction data.

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 – July 2023 – L1 – Q3 – Control accounts and account reconciliations

Prepare a receivables control account and reconcile it with the schedule of receivables. Identify and explain six books of prime entry.

FA – Nov 2021 – L1 – Q3 – Control accounts and account reconciliations

Preparation of Receivables and Payables Control Accounts, including adjustments for dishonored cheques, discounts, and contra entries.

FA – May 2018 – L1 – Q1 – An introduction to business and Accounting | Control accounts and account reconciliations

Define a business, identify users of financial statements, and prepare control accounts with reconciliations.

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FA – May 2022 – L1 – SB – Q4a – Control Accounts

Prepare the receivables control account and allowances for doubtful debts for Rivers Limited.

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FA – Nov 2019 – L2 – SB – Q4 – Control Accounts

The question requires differentiating between receivables and payables control accounts, highlighting the uses of control accounts, and preparing sales and purchases ledger control accounts using provided transaction data.

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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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FA – July 2023 – L1 – Q3 – Control accounts and account reconciliations

Prepare a receivables control account and reconcile it with the schedule of receivables. Identify and explain six books of prime entry.

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FA – Nov 2021 – L1 – Q3 – Control accounts and account reconciliations

Preparation of Receivables and Payables Control Accounts, including adjustments for dishonored cheques, discounts, and contra entries.

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FA – May 2018 – L1 – Q1 – An introduction to business and Accounting | Control accounts and account reconciliations

Define a business, identify users of financial statements, and prepare control accounts with reconciliations.

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FA – May 2022 – L1 – SB – Q4a – Control Accounts

Prepare the receivables control account and allowances for doubtful debts for Rivers Limited.

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FA – Nov 2019 – L2 – SB – Q4 – Control Accounts

The question requires differentiating between receivables and payables control accounts, highlighting the uses of control accounts, and preparing sales and purchases ledger control accounts using provided transaction data.

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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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FA – July 2023 – L1 – Q3 – Control accounts and account reconciliations

Prepare a receivables control account and reconcile it with the schedule of receivables. Identify and explain six books of prime entry.

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FA – Nov 2021 – L1 – Q3 – Control accounts and account reconciliations

Preparation of Receivables and Payables Control Accounts, including adjustments for dishonored cheques, discounts, and contra entries.

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FA – May 2018 – L1 – Q1 – An introduction to business and Accounting | Control accounts and account reconciliations

Define a business, identify users of financial statements, and prepare control accounts with reconciliations.

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