Question $1$

$[37$ Marks$]$

A trial balance of Vuyo Limited for May $2024$ was extracted. Upon investigation it was discovered that the trial balance did not balance.

Upon further investigation, the following errors were discovered:

The difference of R$3946\mathrm{.}50$ was entered on the debit side of a suspense account.

A payment in respect of rent had been posted to the Rent account as R$5828\mathrm{.}10.$ The electronic transfer was made out for R$5282\mathrm{.}10$ and entered correctly in the cash payments journal.

Stationery purchased from Uptown Traders for R$1430$ was incorrectly posted to the purchases account.

An amount of R$180$ in respect of discount received has erroneously been posted to the debit side of the discount allowed account but correctly recorded in the cash payments journal.

S Nandipha owes Vuyo Limited R$3750.$ His account has been outstanding for $6$ months. Charge his account with interest at $15\%$ per annum.

An amount of R$1095$ in respect of bad debts$/$credit losses was correctly posted to the Trade receivables control account but was not posted to the bad debts$/$ credit losses account.

An amount of R$3225$ received for cash sales was entered in the cash receipts journal but not posted to the sales account.

Inkosana Stores charged the overdue account of Vuyo Limited with $12\%$ interest per annum for $4$ months. The amount overdue is R$7800$

A payment of R$6900$ in respect of telephone has been entered in the Cash payment journal but has not been posted to the telephone account.

Bank charges amounting to R$538\mathrm{.}5$ were posted as R$456$ in the general ledger. The entry in the cash payments journal is correct.

REQUIRED:

$1\mathrm{.}1$ Record the necessary journal entries of Vuyo Limited to correct all the errors. Use the transaction number as the date. Journal narrations are not required.

$3$

HFAC$130-1-$Jan$-$Jun$2025-$FA$2-$AM$-$V$2-31012025$

$1\mathrm{.}2$ Post the relevant entries to the Suspense account in the general ledger and balance the account as at $31$ May $2024.$

$(8)$