Control Accounts and Bank Reconciliation

Kolawole Traders maintains control accounts for its ledgers. On 31st December 2025, the balance on the Sales Ledger Control Account before adjustments was $\text{N}185,000$ (debit). A contra entry of $\text{N}14,000$ is to be set off between a customer's account in the sales ledger and their creditor account in the purchases ledger. What is the revised balance of the Sales Ledger Control Account after posting this set-off?

Adeola Traders operates a dual ledger system. On 1st July 2025, the debit balance of the Sales Ledger Control Account was $\text{N}145,000$. During July, credit sales amounted to $\text{N}82,000$, cash collected from debtors was $\text{N}94,000$, discount allowed was $\text{N}4,000$, and bad debts written off totaled $\text{N}3,000$. A contra entry of $\text{N}16,500$ was set off between the sales ledger and purchases ledger. What is the closing debit balance of the Sales Ledger Control Account at the end of July 2025?

The Sales Ledger Control Account of Chidubem Trading Enterprise showed a debit balance of $\text{₦}320,000$ before ledger reconciliation. An investigation of the accounting records revealed the following errors:
1. Sales returns journal total of $\text{₦}8,500$ was debited to the Sales Ledger Control Account.
2. Discount allowed amounting to $\text{₦}4,500$ was omitted entirely from the Sales Ledger Control Account.
3. A credit sale of $\text{₦}12,000$ was posted to the credit side of the Sales Ledger Control Account.

What is the corrected balance of the Sales Ledger Control Account after making the necessary adjustments?

Prior to reconciliation, the Sales Ledger Control Account of Folake Enterprises showed a debit balance of ₦540,000 on 31 December 2025. Upon auditing the books, the following errors were discovered:

1. The sales journal total was understated by ���9,000.
2. A customer's dishonoured cheque of ₦14,000 recorded in the cash book was not posted to the control account.
3. A contra set-off of ₦6,000 between the sales and purchases ledgers was omitted from the control account.
4. Total discount allowed of ₦3,500 was wrongly posted to the debit side of the control account.

What is the correct adjusted balance of the Sales Ledger Control Account?

At the end of April 2026, the Cash Book of Koko Traders showed a debit bank balance of $\text{NGN } 38,200$, whereas the Bank Statement reflected a credit balance of $\text{NGN } 45,000$. A detailed examination revealed the following discrepancies:
- A direct credit by a customer of $\text{NGN } 9,500$ was recorded on the Bank Statement only.
- Bank charges of $\text{NGN } 1,200$ were debited by the bank only.
- Cheques issued to suppliers amounting to $\text{NGN } 14,000$ had not yet been presented for payment.

What is the total value of uncredited lodgements at the end of April 2026?

On 30th June 2026, the Cash Book bank column of Emeka Enterprises showed a debit balance of $\text{NGN } 45,000$. Upon comparison with the Bank Statement, the following items causing discrepancies were identified:

- Direct credit for dividends received directly by the bank: $\text{NGN } 2,500$
- Bank charges not yet recorded in the Cash Book: $\text{NGN } 1,200$
- Standing order payment for insurance: $\text{NGN } 3,000$
- Unpresented cheques: $\text{NGN } 8,500$
- Uncredited lodgements: $\text{NGN } 5,400$

What is the adjusted Cash Book balance in NGN prior to preparing the Bank Reconciliation Statement?

The Cash Book balance of Kalu Traders on 31st December 2025 showed a debit balance of ₦45,000. Upon comparing the Cash Book with the Bank Statement, the following items were identified:

- Bank charges not entered in Cash Book: ₦1,500
- Standing order payment for insurance: ₦2,000
- Credit transfer (direct deposit) by a customer: ₦6,000
- Unpresented cheques: ₦12,000
- Uncredited lodgements: ₦8,500

What is the adjusted cash book balance?

The bank statement of Adebayo Stores showed an overdraft balance of $\text{NGN } 18,500$ as at 31st March 2026. On examination of the accounting records, it was discovered that unpresented cheques amounted to $\text{NGN } 6,200$, while uncredited lodgements were $\text{NGN } 4,800$. What is the balance as per the cash book?

On 30th June 2026, the adjusted cash book of Emeka Enterprises showed a debit balance of $\text{NGN } 45,000$. A comparison with the bank statement revealed unpresented cheques totaling $\text{NGN } 12,500$ and uncredited lodgements of $\text{NGN } 8,200$. What is the balance as per the bank statement as at 30th June 2026?

The adjusted cash book of Tunde & Sons shows a debit balance of $\text{NGN } 12,000$. Cheques issued to suppliers totaling $\text{NGN } 3,500$ have not yet been presented to the bank for payment. What is the balance as per the bank statement?

At the end of a trading period, an enterprise compiled the following summary of credit transactions with its customers:

- Debtors balance at start: $₦45,000$
- Credit sales for the period: $₦120,000$
- Total receipts from debtors (cash and cheques): $₦113,000$
- Customer's cheque dishonoured: $₦4,000$
- Cash discount allowed to debtors: $₦3,500$
- Goods returned by credit customers: $₦2,500$
- Irrecoverable debts written off: $₦1,500$
- Set-off against purchases ledger: $₦2,000$
- Provision for doubtful debts created: $₦5,000$

What is the closing debit balance of the Sales Ledger Control Account?

In the preparation of a Sales Ledger Control Account, on which side of the account should the total discount allowed to credit customers be recorded?

Match each transaction or item related to the Sales Ledger Control Account on the left with its correct accounting entry side and effect on the right.

Below is a list of accounting transactions on the left and their respective posting rules in the Purchases Ledger Control Account on the right. Match each transaction item with its correct entry placement and double-entry accounting effect.

An enterprise extracted the following balance details regarding its trade creditors for the month of June 2026:

- Opening credit balance: $\text{N}14,500$
- Opening debit balance: $\text{N}350$
- Total credit purchases: $\text{N}86,200$
- Cash purchases of merchandise: $\text{N}12,000$
- Purchase of office equipment on credit: $\text{N}5,000$
- Returns outwards: $\text{N}3,400$
- Cheques paid to trade creditors: $\text{N}71,800$
- Discounts received from suppliers: $\text{N}2,100$
- Set-off contra entry with sales ledger: $\text{N}1,500$
- Closing debit balance: $\text{N}200$

What is the closing credit balance of the Purchases Ledger Control Account at the end of June 2026?

The following transactions and balances were extracted from the accounting records of Folake Enterprises for the financial year ended 31st December 2025:

What is the debit balance carried down of the Sales Ledger Control Account at 31st December 2025?

The following transaction balances were extracted from the books of Kalu Traders for the year ended 31st December 2025:

- Opening balance (credit): $\text{N}18,500$
- Credit purchases: $\text{N}94,000$
- Cash purchases: $\text{N}12,500$
- Returns outwards: $\text{N}3,200$
- Discount received: $\text{N}1,800$
- Cheques paid to creditors: $\text{N}78,500$
- Dishonoured cheques: $\text{N}1,400$
- Contra entry (set-off) with sales ledger: $\text{N}2,400$

What is the closing credit balance of the Purchases Ledger Control Account at 31st December 2025?

Match each transaction or accounting adjustment on the left with its correct entry treatment in the Purchases Ledger Control Account on the right.

The following information was extracted from the financial records of Chukwu & Co. for the month of May 2026:

- Opening Purchases Ledger balances: Credit balance $N45,000$; Debit balance $N1,200$
- Credit purchases at list price (subject to $10\%$ trade discount): $N120,000$
- Cash purchases: $N15,000$
- Payments made to trade creditors: $N82,000$
- Discount received from suppliers: $N3,400$
- Bills payable accepted by the firm: $N12,000$
- Contra entry set-off with Sales Ledger: $N4,500$
- Interest charged by trade creditors on overdue accounts: $N800$
- Refund received in cash from suppliers for overpayment: $N1,200$
- Carriage outwards paid: $N3,500$
- Closing Purchases Ledger debit balance: $N900$

What is the closing credit balance of the Purchases Ledger Control Account at the end of May 2026?

The following balance information was extracted from the books of Koko Enterprises for the month ended 31st October 2025:

What is the closing credit balance of the Purchases Ledger Control Account at 31st October 2025?