Module 1: Control for debtors and creditors

XSIQ
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Accounting - Likely errors

Likely errors

Questions often concern the posting of data from journals to the general
and subsidiary ledger. The task may be focused on the debtors control
account and debtors subsidiary ledger. Some errors that students make when
completing this task include the following.

* entries recorded on the wrong side of the ledger

* inability to treat contra entries [1] and bills receivable/payable

* failure to include opening balances

* omission of sales/purchases returns

* inability to treat bad debts [2]

* inclusion of items such as cash sales/purchases which do not belong

* double counting of discount [3]

* recording of entries on an individual basis

* failure to total the debtors/creditors schedule [4]

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Links:
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[1] http://alison.com/#
[2] http://alison.com/#
[3] http://alison.com/#
[4] http://alison.com/#