An inexperienced book-keeper has drawn up an incorrect trial balance as at 28 February 2022. Debit...

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An inexperienced book-keeper has drawn up an incorrect trial balance as at 28 February 2022. Debit Credit RM RM Wages Trade pavables 18,200 43,000 Cash in hand 50,000 3,000 6,000 Rent received Custom duty taxes Return Outwards 16,400 34,000 Equipment Discount allowed 2,000 Purchases Carriage outwards Саpital Other payables 150,000 5,000 167,800 40,000 Trade receivables 25,000 Building 142,000 Return Inwards 3,000 Discount Received 14,000 Insurance expenses 6,000 Sales 181,000 Fittings 27,000 3,000 482,200 Accumulated Depreciation: Fittings 454,200 Required: (a) Prepare the Corrected Trial Balance as at 28 February 2022. (8 marks) (b) Discuss whether the above errors that you have identified above, should be categorized as omission of entries or posting to incorrect sides. (2 marks) (c) Identify the affected double entries for a missing sales invoice. (2 marks) (d) Identify the adjustments required to take in depreciation for the year. (2 marks) An inexperienced book-keeper has drawn up an incorrect trial balance as at 28 February 2022. Debit Credit RM RM Wages Trade pavables 18,200 43,000 Cash in hand 50,000 3,000 6,000 Rent received Custom duty taxes Return Outwards 16,400 34,000 Equipment Discount allowed 2,000 Purchases Carriage outwards Саpital Other payables 150,000 5,000 167,800 40,000 Trade receivables 25,000 Building 142,000 Return Inwards 3,000 Discount Received 14,000 Insurance expenses 6,000 Sales 181,000 Fittings 27,000 3,000 482,200 Accumulated Depreciation: Fittings 454,200 Required: (a) Prepare the Corrected Trial Balance as at 28 February 2022. (8 marks) (b) Discuss whether the above errors that you have identified above, should be categorized as omission of entries or posting to incorrect sides. (2 marks) (c) Identify the affected double entries for a missing sales invoice. (2 marks) (d) Identify the adjustments required to take in depreciation for the year. (2 marks)

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a Trial balance It gives a summary of the ledger accounts of the company It is the basis for prepari... View the full answer