Fatima operates a wholesale business in Dubai. She discovered that a credit balance of $560 in the purchases ledger had been listed as a debit balance when extracting the list of balances. By how much would the total of the list of purchases ledger balances differ from the purchases ledger control account balance?

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Question

Fatima operates a wholesale business in Dubai. She discovered that a credit balance of $560 in the purchases ledger had been listed as a debit balance when extracting the list of balances. By how much would the total of the list of purchases ledger balances differ from the purchases ledger control account balance?

Accepted Answer

$1,120 — Award 1 mark for correct calculation. A credit balance of $560 listed as debit means the list is understated by $560 (should be credit) and overstated by $560 (wrongly shown as debit), giving a total difference of $1,120 ($560 × 2). A is incorrect — only considers one effect. C is incorrect — halves the difference incorrectly. D is incorrect — there is a difference due to the error.

Answer

The totals would agree

Answer

$280

Answer

$560

Answer

$1,120

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