counts column of the voucher register. The accountant in charge of the books went on leave to attend to his family based in New Jersey. A fresh accountancy graduate has been assigned to record the transactions. At year-end, the substitute accountant finds that the unpaid vouchers do not agree with the Vouchers Payable control account. You are called to adjust the matter. A schedule of unpaid vouchers as of December 31, 20x1, all of which are net of discount, is presented to you. Date Voucher No. Supplier Amount Nov. 27 896 Balentong Traders P78,400 Dec. 2 909 Shala Company 19,600 11 918 Mukasim Dealers 44,100 20 952 Boom Panes, Inc. 17,150
In the
voucher system. All invoices are subject to terms 2/10, n/30, and are entered net with the discount entered
in Purchase Discounts column of the voucher register. The accountant in charge of the books went on leave
to attend to his family based in New Jersey. A fresh accountancy graduate has been assigned to record
the transactions. At year-end, the substitute accountant finds that the unpaid vouchers do not agree with
the Vouchers Payable control account. You are called to adjust the matter.
A schedule of unpaid vouchers as of December 31, 20x1, all of which are net of discount, is presented to
you.
Date Voucher No. Supplier Amount
Nov. 27 896 Balentong Traders P78,400
Dec. 2 909 Shala Company 19,600
11 918 Mukasim Dealers 44,100
20 952 Boom Panes, Inc. 17,150
21 955 Edi Wow Company 22,050
22 968 Neknek Company 80,850
31 982 Bebot, Inc. 78,400
P340,550
Vouchers Payable (Control Account)
Cash disbursements 1,309,500 Purchases journal 1,645,000
Purchase returns journal 36,750*
*Voucher nos. 909 and 952 cancelled as goods were returned in December.
Based on the above information and the result of your audit, compute the following:
12. Adjusted balance of Vouchers Payable as of December 31, 20x1 ______________
13. Purchase Discounts Lost on paid vouchers ____________
14. Purchase discount lost on paid vouchers
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