Day: May 4, 2022

The following information is available for a business.

The balance on its purchases ledger control account was £5,900.

The total of the balances in its purchases ledger was £5,510.

The following errors were discovered.

1. The purchases journal had been overcast by £250.
2. A sales ledger contra of £340 had been omitted from the purchases ledger control account.
3. A supplier was paid £400 which was correctly entered in the cash book but had been entered in the supplier’s account as £200.

What is the correct value of trade payables?

Select ONE answer:

1. £5,110
2. £5,250
3. £5,310
4. £5,510

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple-choice question is suitable for Accounting KS5 classes.

The answer is 3

1. Not correct
2. Not correct
3. Correct
4. Not correct

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