Can you help me to Reconcile the corrected receivables ledger control account balance with the total of the individual receivables’ balances in the Receivables Ledger, thank you!
Question 5 The management accounting at a catering supply company Rosie Ltd was preparing Rosie’saccounts for the period ended :3151 March 201?. As at the 315‘ March 201? the receivables ledger control account balance was £25,005 and thebalance on the receivables ledger was £26,5T5. Upon investigation, the accounts receivable clerk has Indicated that she has identiﬁed thefollowing errors: a. The returns inwards day book was overcast by £100 b. A sale of goods on credit for £1500 was omitted from the accounts c. Amelia (a receivable} owed Rosie £300. Rosie offers a prompt payment discount of 2%for payments received within 30 days of the invoice date. Amelia has taken advantage ofthis and paid Rosie £204 which has been entered correctly In the cash book. No entrieshave been made for the £6 discount d. Jasmine’s Individual receivables balance had been entered in the receivables ledger as£720 rather than £2?0 e. Cash receipts of £26,500 from receivables had been correctly entered in the cash bookbut the amounts posted to the Individual receivables balances totalled £25,500f. The total of the sales day book was overcast by £500 9. An amount of £360 received from Thomas [a receivable} was posted to the debit side ofhis Individual account Required at Reconcile your corrected receivables ledger control account balance with the total of theIndividual receivables’ balances In the Receivables Ledger.[16 marks] b] Brieﬂy discuss why reconciliations are an Important task business complete[4 marks]
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