#352 The bookkeeping was done by unqualified

The bookkeeping was done by unqualified - Accounting

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The bookkeeping was done by unqualified bookkeeper. The following errors ware discovered at 31/12/16

(a) A sale of goods to Chanda for K2 500 000 was debited in the sales account and

(b) The discount received column of the cash book for K 500 000 was not posted to

(c) The purchases account was overcast by K400 000 and at the same time

(d) Goods sold to Mulenga C on credit for K200000 were not entered in Mulenga's

(e)  A payment for rent and rates by cheque for KB 700 000 was entered in the cash D The account of a customer was undercast by K100 000

(f) credited in Chanda's account commission received was undercast by K200 000 book as K7 800 000.

(g) Ks00 000 paid for purchase of old office equipment had been entered in

(h) A balance of K100 000 owing by a debtor, Chishimba, had been omitted from the purchases account.

a) Prepare journal entries to corect the above errors

(b) Prepare suspense account

(c) Prepare a trial balance after the correction of the above errors

(d) Prepare an Income statement for the period

(e) Prepare a statement of Financial Position

Due date to be communicated at short notice

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Free Chegg Answer

• a. In the books of Mubembatemuntu:

  Rectification #	Account Titles	Debit	Credit
  		$	$
  a.	Debtors	5,000,000
  	Sales		5,000,000
  b.	Suspense	500,000
  	Discount Received		500,000
  c.	Suspense	600,000
  	Purchases		400,000
  	Commission Received		200,000
  d.	Debtors	200,000
  	Suspense		200,000
  e.	Suspense	900,000
  	Cash		900,000
  f.	Debtors	100,000
  	Suspense		100,000
  g.	Equipment	500,000
  	Purchase		500,000
  h.	Debtor	100,000
  	Suspense		100,000

  b. Suspense Account:

  Discount Received	500,000	Debtors	200,000
  Purchases	400,000	Debtors	100,000
  Commission Received	200,000	Debtors	100,000
  Cash	900,000	Balance c / f	1,600,000
  	2,000,000		1,100,000

  c. Trial Balance:

  Account Titles	Debit	Credit
  	K'000	K'000
  Purchases	63,800
  Sales		130,600
  Returns Inwards	6,340
  Returns Outwards		1,900
  Debtors	16,650
  Creditors		7,900
  Equipment : cost	18,500
  Vehicles: cost	9,000
  Stock	5,000
  Cash
  Accumulated Depreciation : Equipment		1,500
  Accumulated Depreciation : Vehicles		600
  Carriage Inwards	900
  Carriage Outwards	270
  Commission Received		500
  Repairs	1,300
  Electricity	1,800
  Wages and Salaries	11,000
  Rent and Rates	8,700
  Interest Paid	1,400
  Stationery and Postage	2,600
  Fixed Deposit	10,000
  Bank Deposit	8,000
  Discount Received		3,960
  Discount Allowed	5,760
  VAT Creditor		1,360
  PAYE Creditor		500
  Loan		14,000
  Capital		7,100
  Suspense	1,600
  Totals		169,920