Cr $ 0 5 Capital Drawings Sales Trial Balance as at 31 December 2017 Dr Purchases...
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Cr $ 0 5 Capital Drawings Sales Trial Balance as at 31 December 2017 Dr Purchases Returns inwards and outwards Wages and salaries Sundry expenses Inventory 1.1.2017 Accounts receivable and accounts payable Loan from J. Chandler Equipment Bank Suspense 13,690 60,375 16,000 5,790 Cr 25,621 94,630 1,210 1,109 14,371 598 8,792 11,370 4,290 5,000 1,546 132,196 132,196 You are required to: (a) draw up the suspense account, showing corrections The following errors are discovered: 2 1 Purchases day book was overcast by $258. A repayment of loan $2,000 was debited in error to the wages account. 3 A cheque payment for equipment $1,500 has been entered in the equipment account but not in the cash book. 4 Returns outwards $168 have been entered in the returns outwards day book but not in the supplier's account. 5 Sundry expenses $44 have been entered in the cash book but not in the sundry expenses account. (b) redraft the trial balance after all corrections have been made. Cr $ 0 5 Capital Drawings Sales Trial Balance as at 31 December 2017 Dr Purchases Returns inwards and outwards Wages and salaries Sundry expenses Inventory 1.1.2017 Accounts receivable and accounts payable Loan from J. Chandler Equipment Bank Suspense 13,690 60,375 16,000 5,790 Cr 25,621 94,630 1,210 1,109 14,371 598 8,792 11,370 4,290 5,000 1,546 132,196 132,196 You are required to: (a) draw up the suspense account, showing corrections The following errors are discovered: 2 1 Purchases day book was overcast by $258. A repayment of loan $2,000 was debited in error to the wages account. 3 A cheque payment for equipment $1,500 has been entered in the equipment account but not in the cash book. 4 Returns outwards $168 have been entered in the returns outwards day book but not in the supplier's account. 5 Sundry expenses $44 have been entered in the cash book but not in the sundry expenses account. (b) redraft the trial balance after all corrections have been made.
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a Suspense Account Date Particulars Debit Credit Error 1 258 Error 2 2000 Error 3 1500 Error 4 168 E... View the full answer
Related Book For
Introduction To Financial Accounting
ISBN: 9781526803009
9th Edition
Authors: Anne Marie Ward, Andrew Thomas
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