Accounting 9706 · AS & A Level · Reconciliation and verification
Reconciliation and verification — practice question
Nibras trades in goods, buying and selling them for cash as well as on credit. Control accounts are used to verify that the business’s purchases and sales ledgers are accurate. The information below applies to January 2022.
(a)[5]
Prepare the purchases ledger control account for the month of January 2022.
(b(i))[3]
Calculate the corrected balance for the sales ledger control account.
(b(ii))[4]
Calculate the corrected total of balances in the sales ledger.
(c)[3]
State three types of error that a control account does not reveal.
Worked solution & mark scheme
This 15-mark question has a full step-by-step worked solution and mark scheme.