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Get Financial control and how to correct errors Assignment help in BTEC LEARNER ASSESSMENT SUBMISSION AND DECLARATION with HND Assignment Help.

QualificationPearson BTEC Level 3 National Extended Diploma in Business
Unit or Component number and title  Unit 10: Recording Financial Transactions
Learning aim(s) (For NQF/RQF only)C: Construct control accounts for debtors and creditors for accurate financial control   D: Examine the correction of errors in accounting records for financial control
Assignment title“Financial control and how to correct errors“
Hand out date20 March 2022
Hand in deadline  03 April 2022  

Task 2a

Pence is encountering problems because his trial balance will not balance.  You have been asked to prepare the control accounts and investigate the error(s).

Pence supplies you with the following information and he wishes to know if the error/s is/are in either the sales or purchases accounts.


Jan 1  Opening purchases ledger and control balances    £11,874

          Opening sales ledger and control balances           £19,744

Totals for the year 2022

Purchase Day Book      £154,562

Sales Day Book            £199,662

Returns outwards book  £2,648

Returns inwards book    £4,556

Cheques paid to suppliers         £146,100

Cash paid to suppliers   £78

Cheques and cash received from customers       £185,960

Discount allowed           £5,830

Discount received         £2,134

Balances on the sales ledger set off against balances in the purchases ledger are £1036.

Dec 31       The list of balances from the Purchases ledger shows a total of £14,530 and from the sales ledger is a total of £22,024.

(i) Prepare the sales ledger control account (in Appendix 1)

(ii) Prepare the purchases ledger control account (in Appendix 1)

Task 2b

You are provided with the following information for Shore Ltd  (all values in £s):

Goods sold on credit118600
Money received from credit customers96214
Discount allowed300
Goods returned by credit customers650
Bad debt written off350
Balance on customer account 1st June 2021180824

Get Financial control and how to correct errors Assignment help in BTEC LEARNER ASSESSMENT SUBMISSION AND DECLARATION with HND Assignment Help.

(i) Prepare a sales ledger control account (use template in Appendix 2)

A summary of account balances with the credit customers during June 2021 is shown below for Shore Ltd:

Carefree company76560 
BB Ltd28109 
Delta ltd32019 
Val computers1645 
Hockey ltd32273 

(ii) Reconcile these balances with the sales ledger control account in part (i) above.

Sales ledger control accounts 2021£__________________
Sales ledger account as at 2021£__________________
Difference £__________________

(iii) Discuss why and where the difference arises as per part (ii) above

(iv) Analyse the different circumstances of when control accounts and subsidiary accounts help to correct errors for financial control.  

(v) Discuss the strengths and weaknesses of using control accounting systems in maintaining bookkeeping records.   

Task 2c

(i) Explain six types of errors not detected by the trial balance.

(ii) Create the journal entries for the following identified errors (see  Appendix 3):         

1) Credit sale of goods £200 plus VAT at 20% on invoice 5546 to Harris completely omitted from the accounting system. The error was corrected on 11th May.

2) Credit sales of £50 plus VAT on invoice number 320 have been debited to J Aden instead of J Adams limited account 18th May.

3) Fuel cost £66 from receipt number 4966 has been debited to the motor vehicle account on the 21st May.

4)  Postage paid £49 has been recorded as £94 (receipt number 7666 entered on the 25th of May).

5)  Payment made on 26th May to creditors of £150 by cheque has been debited in the cash book and credited to the creditor control account.

6) Wages of £125 have been overcast and the creditor account has also been overcast by the same amount.

Task 2d

Harry is the owner of H Computers, a business that buys and sells computer equipment. The financial year-end is 31 October 2021. The business uses a manual system consisting of a general ledger, a sales ledger and a purchases ledger.

Double-entry takes place in the general ledger. You use a purchases day book and a sales day book. Totals from the daybooks are transferred into the general ledger.

At the end of the financial year on 31 October 2021, the following balances were taken from the general ledger:

Opening Inventory43,580
Discount allowed6,905
Discount received4,890
Salaries and wages85,900
General expenses65,264
Bad debt820
Computer equipment, at cost19,800
Accumulated depreciation, computer equipment6,600
Motor van, at cost12,500
Accumulated depreciation, motor van7,500
Sales Ledger control account42,530
Purchases Ledger control account36,890
Allowance for doubtful debts1,004
Bank (overdraft)3,456
VAT (credit balance)8,500

Enter the balances into the columns of the trial balance shown in Appendix 4 and enter the opening balance in the suspense account in Appendix 5.

After completion of the journals, you found the following errors:

  • The net column of the sales daybook had been undercast by £1,200.
  • Credit purchases of £1,231 had been correctly debited to the purchases account, but had been credited to the payables control account as £2,131. Any VAT (sales tax) implications are to be ignored.
  • A payment to a payable of £680 had been credited to both the payables control account and the bank account.

Show the debits and credits to the suspense account to correct the errors (see Appendix 5).


Update the trial balance (shaded columns in Appendix 4) and produce an income statement for the end of the year given the following:

the closing stock was £35,000

depreciation on the computer equipment was £4,000

depreciation on the motor vehicle was £2,500

Task 2e

(i) Discuss with examples the effects and impacts on the business of having errors in the financial statements. (ii) Comment on how such errors affect the reliance on the accounting systems and various stakeholders (internal and external).

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