The following control account has been prepared by a trainee accountant.
Receivables ledger control account
|
$ |
$ |
||
|
Opening balance |
308,600 |
Cash received from credit customers |
147,200 |
|
Credit sales |
154,200 |
Discounts allowed to credit customers |
1,400 |
|
Cash sales |
88,100 |
Interest charged on overdue accounts |
2,400 |
|
Contras against credit balances in payables ledger |
4,600 |
Irrecoverable debts written off |
4,900 |
|
Allowance for receivables |
2,800 |
||
|
Closing balance |
396,800 |
||
|
555,500 |
555,500 |
What should the closing balance be when all the errors made in preparing the receivables ledger control account have been corrected?
