Answer question 4,56 On 28 February 2019, the debtors control account in the General Ledger of LesegoFashions showed a debit balance of R8 735, while the debtors list in the Debtorsledger showed a total of R5584.The errors and omissions described below were found on 28 February 2019.Required:Indicate in the table provided below, how the errors and omissions should becorrected in order to reconcile the control account balance with debtor's list total.No.General LedgerDebtors controlDebtors ledgerDebtors listDr (+)Cr (-)Dr (+)Cr (-)1. The debtors list was overcast by R500.2. The balance of a debtor was omitted from the debtors list, R75.3. The balance on the account of a debtor, R150, was brought down incorrectlyas R15.4. The amount on an invoice issued to A Shokane was miscalculated. Theaccount should be R62 and not R72.5. Payments to creditors as per the Cash Payment Journal were debited todebtors control account, R3 960.6. The debtors' journal was undercast and posted accordingly. The total shouldhave been R4 710, and not R4 170.7. A credit note for R51 was recorded but not posted to the debtor's personalaccount.8. The account of a debtor was balanced incorrectly. The balance should havebeen R71 and not R61.9. A credit note for R142 was recorded correctly in the debtors' allowancejournal but posted to the personal account as R124.10.A credit note for R38 was recorded in the debtors' allowance journal as R83and posted accordingly.11.A cheque for R120 received from K Mohale was posted to the account of KMogale and posted accordingly.12.An invoice of R40 in the debtors' journal was posted to the credit side of TNgwenya's account.

Error or omission can be classified as follows. Error of Principle: This is occur when accountant…

On 28 February 2019, the debtors control account in the General Ledger of Lesego Fashions showed a debit balance of R8 735, while the debtors list in the Debtors ledger showed a total of R5584. The errors and omissions described below were found on 28 February 2019. Required: Indicate in the table provided below, how the errors and omissions should be corrected in order to reconcile the control account balance with debtor's list total.

On 28 February 2019, the debtors control account in the General Ledger of Lesego Fashions showed a debit balance of R8 735, while the debtors list in the Debtors ledger showed a total of R5584. The errors and omissions described below were found on 28 February 2019. Required: Indicate in the table provided below, how the errors and omissions should be corrected in order to reconcile the control account balance with debtor's list total.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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