Paper 2 · June 2018 · 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: $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: 48 = $335,378.
Derived from ZIMSEC Accounting Paper 2, June 2018, Q4