After all the ledgers had been drawn up, the following differences and errors were identified. Indica...
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After all the ledgers had been drawn up, the following differences and errors were identified. Indica te with a cross (X) where you would correct each of the differences and errors listed below, and explain your reasoning as so how, why and where you will make the correction: Hint: some might need to be corrected in more than one place. Debtors list Difference or error Eg. The total sales return column in the Debtors Allowance Joumal was posted to the debit side of the Debtors Soles returns reduce the amount owing by a debtor. Contral Account Debtors control The error has occurred in the Debtors contral account only, thus there will be no impact on the individual debtor's occount. The debtors control account should be credited twice. A credit invoice (issued by the business) has not been recorded at all. The Debtors control column in the debtors journal was "undercast". Notification has been received that the outstanding balance on one of the debtors should be written off as the debtor is insolvent. After all the ledgers had been drawn up, the following differences and errors were identified. Indica te with a cross (X) where you would correct each of the differences and errors listed below, and explain your reasoning as so how, why and where you will make the correction: Hint: some might need to be corrected in more than one place. Debtors list Difference or error Eg. The total sales return column in the Debtors Allowance Joumal was posted to the debit side of the Debtors Soles returns reduce the amount owing by a debtor. Contral Account Debtors control The error has occurred in the Debtors contral account only, thus there will be no impact on the individual debtor's occount. The debtors control account should be credited twice. A credit invoice (issued by the business) has not been recorded at all. The Debtors control column in the debtors journal was "undercast". Notification has been received that the outstanding balance on one of the debtors should be written off as the debtor is insolvent.
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Rectification of errors Sr No Type of Error Rectification Rectification Entry 1 Cre... View the full answer
Related Book For
Fundamentals of biochemistry Life at the Molecular Level
ISBN: 978-0470547847
4th edition
Authors: Donald Voet, Judith G. Voet, Charlotte W. Pratt
Posted Date:
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