The accountant at XYZ Co has prepared the following reconciliation between the balance on the trade payables ledger control account in the general ledger and the list of balances from the suppliers ledger:
| $ | |
| Balance on general ledger control account | 17,142 |
| Credit balance omitted from list of balances from payables ledger | (32) |
| 17,110 | |
| Undercasting of purchases day book | 25 |
| Total of list of balances | 17,135 |
What balance should be reported on XYZ Co’s statement of financial position for trade payables?
Answer
| Control account | List of balances | |
| $ | $ | |
| Balance/total | 17,142 | 17,135 |
| Credit balance omitted | – | 32 |
| Undercasting of day book | 25 | – |
| 17,167 | 17,167 |