Paper 2 · Control accounts

During October 2015, James Limited received $335,426 through the bank from amounts recorded against trade receivables. This total included a cheque for$ 48 that actually related to commission received, not a receipt from a credit customer. Calculate the amount that should actually be credited to the sales ledger control account as cash received from trade receivables.

Model answer

335378

Also accepted: $335,378, 335,378, $335378

Explanation: Only genuine receipts from credit customers belong in the sales ledger control account. The

48 commission cheque was not a receipt from a trade receivable, so it must be excluded:

335,426 −

48 =

335,378.

Derived from ZIMSEC Accounting Paper 2, June 2018, Q4

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