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CREDITORS CONTROL BALANCE PROVIDED

On 30 June 2015 the creditors control account in the general ledger of Rosslyn
Stores showed a credit balance of R7 939, while the creditors list in the creditors’
ledger showed a total of R4 432. The following errors and omissions were found in
the accounting records of Rosslyn Stores on 30 June 2015:
1. The balance on the account of a creditor was incorrectly calculated as R189. The
correct balance was R171.
2. The total of the debtors’ column in the cash receipts journal was posted to the
credit side of the creditors control account, R3 720.
3. A credit note for R37 was recorded correctly in the creditors’ allowances journal
but posted to the wrong side of the account of AC Suppliers.
4. The total of the creditors’ journal was under-cast and posted as R4 125 instead of
R4 215.
5. A credit note for R42 received from Menlyn Dealers was recorded in the creditors’
allowances journal as R24 and posted accordingly.
6. A credit note for R31 received from Lynnwood Stores was recorded in the
creditors’ allowances journal but it was not posted to the creditor’s individual
account.
ROSSLYN STORES
GENERAL LEDGER
CREDITORS CONTROL
Jun 30 Debtors control 3 720 Jun 30 Balance b/d 7 939
Incorrect total 18 Incorrect total 90
(42 -24) (4 215 – 4 125)
Balance c/d 4 291
8 029 8 029

Jul 1 Balance b/d 4 291

CREDITORS LIST (SUMMARY OF CREDITORS LEDGER)


Total 4 432
Incorrect balance Balance shown too high. 189 - 171 (18)
AC Suppliers Incorrect entry of R37 cancelled and 37 + 37 (74)
correct entry for R37 recorded.
Menlyn Dealers Incorrect entry of R42 recorded as 42 -24 (18)
R24.
Lynnwood Stores Not recorded in creditor’s account. (31)
4 291
CREDITORS CONTROL BALANCE PROVIDED
On 30 June 2015 the creditors control account in the general ledger of Rosslyn
Stores showed a credit balance of R4 291, while the creditors list in the creditors’
ledger showed a total of R3 211. The following errors and omissions were found in
the accounting records of Rosslyn Stores on 30 June 2015:

1. An invoice for R395 received from Hillview Stores for inventory purchased has
not been recorded in the creditors’ journal.
2. A creditor, Temba Traders, charged the account of Rosslyn Stores with R425
interest. No entry has been made.
3. No entry was completed for the transfer of a debit balance of R300 in the
account of R Paulse in the debtors’ ledger to his account on the creditors’
ledger.
4. The total of the purchases column in the cash payments journal was overcast
with R1 000.
5. A cheque for R1 080 in favour of Simpson CC, a creditor, was posted correctly to
the relevant creditors’ account, but was entered in the debtors control column in
the cash payments journal.
ROSSLYN STORES
GENERAL LEDGER
CREDITORS CONTROL
Jun 30 Debtors control 300 Jun 30 Balance b/d 4 291
Debtors control 1 080 Inventory 395
Balance c/d 3 731 Interest 425
5 111 5 111

Jul 1 Balance b/d 3 731

CREDITORS LIST (SUMMARY OF CREDITORS LEDGER)


Total 3 211
Hillview Stores Not recorded in journal. 395
Temba Stores No entry recorded. 425
R Paulse Transfer not recorded. (300)
3 731
What did we learn:
When an entry was not completed in the journal or a mistake was made in the
journal an entry must be recorded in the control account and account of a creditor in
the creditors’ ledger.
When the total of the creditors’ column in a subsidiary journal is incorrect the entry
must only be recorded in control account.
When a mistake was made in the individual account of a creditor the mistake must
only be corrected in this account.