Information: 2022 May 01 31 June 01 Balance Sales Balance b/d SJ5 A Alexender J Mbeki...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Information: 2022 May 01 31 June 01 Balance Sales Balance b/d SJ5 A Alexender J Mbeki S Khumalo J Henry M Smith b/d Debtor's List as at May 2022 Debtor DEBTORS CONTROL ACCOUNT 114 642 63 000 177 642 80 388 2022 May 31 Debit (R) 6 336 5 040 11 340 57 360 80 076 Bank and discount Sales returns Balance Credit (R) 480 480 CRJ5 SRJ5 c/d 93 762 3 492 80 388 177 642 The following errors and omissions were discovered after the above were drawn up: 1. The opening balance in the debtors control account should have been R114 462. 2. The account of S. Khumalo is two months overdue. Interest must be charged at 20% p.a. 3. The debtors column in the cash receipts journal was undercast by R1 800. 4. A return of goods by M. Smith for R414 as per credit note number 26 was erroneously entered in his account as a credit sale and the balance was calculated as such. 5. No entry has been made for a cheque for R5 940 that was returned by the bank marked R/D insufficient funds. The cheque was previously received from debtor L Kramer in settlement of a debt of R5 940. The account must also be written off as L Kramer cannot be traced. 6. A credit sale of R3 060 to J Mbeki was incorrectly posted to the account of A Alexander. 7. A credit note issued to A Alexander for R8 940 for goods returned by him was incorrectly posted to his account in the debtors ledger as R8 580. Required: Prepare the Debtor's List as at 31 May 2022 (show all workings, a control account is not required) Information: 2022 May 01 31 June 01 Balance Sales Balance b/d SJ5 A Alexender J Mbeki S Khumalo J Henry M Smith b/d Debtor's List as at May 2022 Debtor DEBTORS CONTROL ACCOUNT 114 642 63 000 177 642 80 388 2022 May 31 Debit (R) 6 336 5 040 11 340 57 360 80 076 Bank and discount Sales returns Balance Credit (R) 480 480 CRJ5 SRJ5 c/d 93 762 3 492 80 388 177 642 The following errors and omissions were discovered after the above were drawn up: 1. The opening balance in the debtors control account should have been R114 462. 2. The account of S. Khumalo is two months overdue. Interest must be charged at 20% p.a. 3. The debtors column in the cash receipts journal was undercast by R1 800. 4. A return of goods by M. Smith for R414 as per credit note number 26 was erroneously entered in his account as a credit sale and the balance was calculated as such. 5. No entry has been made for a cheque for R5 940 that was returned by the bank marked R/D insufficient funds. The cheque was previously received from debtor L Kramer in settlement of a debt of R5 940. The account must also be written off as L Kramer cannot be traced. 6. A credit sale of R3 060 to J Mbeki was incorrectly posted to the account of A Alexander. 7. A credit note issued to A Alexander for R8 940 for goods returned by him was incorrectly posted to his account in the debtors ledger as R8 580. Required: Prepare the Debtor's List as at 31 May 2022 (show all workings, a control account is not required)
Expert Answer:
Answer rating: 100% (QA)
Answer To prepare the Debtors List as at 31 May 2022 we need to correct the errors and omissions lis... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
Students also viewed these accounting questions
-
The following errors or omissions are included in the accounting records of Westgate Manufacturing Company. Required a. For each error, identify the transaction assertion that was not met. b. For...
-
At Batavia Company, the following errors were discovered after the transactions had been journalized and posted. Prepare the correcting entries. 1. A collection on account from a customer for $780...
-
At Shaffer Company, the following errors were discovered after the transactions had been journalized and posted. Prepare the correcting entries. 1. A collection on account from a customer for $870...
-
The following information is available from the 2024 financial statements of Indigo Inc. and Sandhill Ltd.: Income tax expense Interest expense Net income Total assets Total current liabilities Total...
-
What technique is used to validate user requirements?
-
Using the Laplace transform and showing the details, find the current i(t) in the circuit in Fig. 128 with R = 10 Ω and C = 10 -2 F, where the current at t = 0 is assumed to be zero, and:...
-
What are the important goals and considerations of information security?
-
Niner Bikes, as discussed in the chapter opener, uses a costing system with standard costs for direct materials, direct labor, and overhead costs. Two comments frequently are mentioned in relation to...
-
Write a python program that drawing the Olympic logo. The Olympic flag has a white background, with five interlocked rings in the center: blue, yellow, black, green, and red. 009
-
Cardinal Company is considering a five-year project that would require a $2,975,000 investment in equipment with a useful life of five years and no salvage value . The company's discount rate is 14%....
-
It's grand canonical time! Let's start tutorial style: Consider a closed system with volume V, in contact with a thermal bath at temperature T and isolated from the exterior. Within this system you...
-
Research and find Tesla's financial ratios from 2020 - present: asset turnover: 0.60 - 0.91 receivable turnover: 16.72 - 27.59 inventory turnover: 6.07 - 5.81. Cheesecake Factoryasset turnover: 0.72...
-
List 2 QuickBooks features that allow you to save time. How do they assist you in saving time?please explain .
-
Discuss critically the types of Malaysian banking systems . Discuss What steps the government of Malaysia took to grow their economy.
-
What are the financial goals. List and explain also Create three SMART financial goals including the following: Savings Spending Sharing (Donating) For each goal, develop an action plan.
-
Differentiate the role of finance from other related disciplines such as accounting and economics. How finance is different from other discuss critically.
-
The following information is made available while checking the cash accounts of Rocheta Company on December 31, 2019: Balance per book Balance in checking account Deposit in transit Outstanding...
-
Tiger, Inc. signed a lease for equipment on July 1, 2007.The lease is for 10 years (the useful life of the asset).The first of 10 equal annual payments of $500,000 was made on July 1, 2007.The...
-
Deborah purchases a new $30,000 car in 2012 to use exclusively in her business. If Deborah does not elect to expense or take bonus depreciation in 2012 and holds the car until it is fully...
-
Linda and Richard are married and file a joint return for 2012. During the year, Linda, who works as an accountant for a national airline, used $2,100 worth of free passes for travel on the airline;...
-
Tom has a successful business with $100,000 of income in 2012. He purchases one new asset in 2012, a new machine which is 7-year MACRS property and costs $25,000. If you are Tom's tax advisor, how...
-
Brown India Limited manufactures office tables. Normal capacity of the factory is 60,000 tables per annum. Following are the cost and inventory details for the year 200506. Required: Carry out the...
-
Usha Corporation Ltd. sought the advice of an investment advisor for deployment of surplus funds of around Rs. 45 lakh in the stock market. The advisor advised to invest in Bhonsle India Ltd. and...
-
Ram Lakhan Company Ltd. produces one unit of product B by using one unit of raw material A. During 200506 A costed the company 4,200. Conversion cost was 850. As on 31st March 2006, being the...
Study smarter with the SolutionInn App