Accounting 9706 · AS & A Level · Reconciliation and verification

Reconciliation and verification — practice question

At the close of a financial year, the debit balance shown in a trader’s sales ledger control account was $26800$. On the same date, the balances in the sales ledger added up to $30000$. He later found the following errors: 1. A dishonoured cheque for $1000$ had not been entered in the sales ledger control account. 2. A sales ledger credit balance of $500$ had been recorded as a debit balance. 3. The sales journal had been undercast by $1200$. Determine the amount of trade receivables that should be shown in the statement of financial position.

  • A$26600
  • B$29000
  • C$29500
  • D$31000

Worked solution & mark scheme

This 1-mark question has a full step-by-step worked solution and mark scheme.

  • Full mark scheme, point by point
  • Step-by-step worked solution
  • Write your answer & get it marked instantly by AI