The Student Room Group
Uni students - Complete our survey >>
Uni students - Complete our survey >>
Uni students - Complete our survey >>

AAT Level 3- ACPR

Hello everyone,

I am currently doing the AAT level 3 course and I have been struggling with a question. Any help to solve it would be great. The question is:

1. You are presented with the following information:
£
Creditors opening balance 54,000
Payments made to creditors 147,000
Cash purchases 5,700
Credit purchases 159,000
Goods returned to creditors 3,300
Settlement discount received from creditors 2,400

The closing balance on the purchase ledger control account should be?

(A) £66,000 (DR)
(B) £66,000 (CR)
(C) £60,300 (DR)
(D) £60,300 (CR)

Thank you!
Reply 1
Avatar for 15shivani15
15shivani15
OP
I am also struggling with this question:

A suspense account was opened when the trial balance column totals failed to agree.

The following errors were discovered and corrected resulting in the elimination of the suspense account balance:

1. A gas bill of £420 had been debited to heat and light account as £240.
2. Discount of £50 allowed to a credit customer had been credited to the discounts received account.
3. Interest received of £70 had been debited to the bank account only.
4. Repairs to an item of office machinery costing £250 had been debited to the office machinery asset account.

The original entry posted to the suspense account prior to the correction of the errors was?


A. £160 (DR)
B. £160 (CR)
C. £210 (DR)
D. £210 (CR)
Re the creditors control - don't include cash purchases & remember that the control ac = summary of individual


Posted from TSR Mobile
Contd - summary of individual supplier ac. We'd would normally expect a credit balance for a liability ac, Dr entries reduce liability eg payments, disc received & returns, cr entries increase liability eg credit purchases. Answer 60300 credit
Re suspense ac - firstly consider what the correct entries should be & then what has actually happened - easier to unravel


Posted from TSR Mobile
Reply 4
Avatar for 15shivani15
15shivani15
OP
Thank you so much MahmoodReza!
My pleasure - it may be of use but if you want free resources (variety of topics) have a look at our curenet site http://www.proactiveresolutions.com/learners-zone/ and our learning group (supplements the good work form the Student Room) https://www.facebook.com/groups/AccountingFinanceStudySupport/

Quick Reply

Related discussions

Latest

Trending

Trending

Articles for you