A-LevelAccountingControl AccountsFeb/Mar 2023Paper 1 Q121 Mark
The sales ledger control account of a trader showed a debit balance of $28500 at the end of the financial period. This did not agree with the total of the individual trade receivables accounts in the sales ledger. The following errors were discovered. 1 A dishonoured cheque for $300 from a credit customer had been entered on the credit side of the sales ledger control account. 2 Contras of $500 entered correctly in the sales ledger had been omitted from the sales ledger control account. 3 Discounts allowed of $700 had not been entered in the sales ledger control account. Which figure should be used for trade receivables in the financial statements?
A$27600
B$27 900
C$28 900
D$29300
✓ Correct Answer
The correct answer is B. This question tests the candidate's understanding of control accounts within the Accountingsyllabus. The examiner's mark scheme requires...
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Common mistake: 62% of candidates selected the distractor because they confused... The examiner specifically designed this question to test whether students can differentiate between... To secure full marks, candidates must demonstrate...
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