The following errors were discovered in the books of Santai Enterprise: a. Advertising expenses of RM...
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The following errors were discovered in the books of Santai Enterprise: a. Advertising expenses of RM 220 were recorded in the salary account. b. Purchase of goods worth RM 2,550 was recorded as purchase of motor vehicle. c. Repairs to the shop building amounting to RM 1,250 was debited to Premises account. d. Purchase of goods worth RM 660 from Ramasamy Enterprise was wrongly credited as purchase of goods from Tamasamy Enterprise. e. Complete omission of insurance by cash RM 100. f. Postage and return outwards accounts were both overcast by RM 150. g. Sale of office equipment for RM 234 was wrongly recorded as sale of goods. h. Cash of RM 120 withdrawn for personal use was entered in Advertisement account. Required: A) Give the journal entries, without narratives, necessary to correct the above errors. The following errors were discovered in the books of Santai Enterprise: a. Advertising expenses of RM 220 were recorded in the salary account. b. Purchase of goods worth RM 2,550 was recorded as purchase of motor vehicle. c. Repairs to the shop building amounting to RM 1,250 was debited to Premises account. d. Purchase of goods worth RM 660 from Ramasamy Enterprise was wrongly credited as purchase of goods from Tamasamy Enterprise. e. Complete omission of insurance by cash RM 100. f. Postage and return outwards accounts were both overcast by RM 150. g. Sale of office equipment for RM 234 was wrongly recorded as sale of goods. h. Cash of RM 120 withdrawn for personal use was entered in Advertisement account. Required: A) Give the journal entries, without narratives, necessary to correct the above errors.
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Related Book For
Fundamental financial accounting concepts
ISBN: 978-0078025365
8th edition
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
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