You have been provided with the company’s trial balance as at 31 March 2020. Unfortunately, it was prepared by a junior member of staff and does NOT balance.
Men with Ven plc Trial Balance As at 31 March 2020 |
||
£ |
£ |
|
Equity shares |
100,000 |
|
8% debentures |
50,000 |
|
Share premium |
9,500 |
|
Retained profits |
12,976 |
|
Motor vehicles (cost) |
210,000 |
|
Accumulated depreciation |
19,000 |
|
Inventories |
14,167 |
|
Accounts receivable |
11,000 |
|
Accounts payable |
8,336 |
|
Bank |
10,906 |
|
Sales |
270,620 |
|
Purchases |
186,000 |
|
Wages |
33,502 |
|
Electricity expenses |
350 |
|
Rent expenses2 |
2,218 |
|
General expenses |
1,112 |
|
Debenture interest |
4,000 |
|
The junior member of staff has identified the following errors but does not know how to correct them:
We need at least 10 more requests to produce the answer.
0 / 10 have requested this problem solution
The more requests, the faster the answer.
You have been provided with the company’s trial balance as at 31 March 2020. Unfortunately, it...
On extracting a trial balance, the accountant of Extra Consult discovered a suspense account with a debit balance of $1,075 included therein; she also found that the debits exceeded the credits by $957. She posted this difference to the suspense account and then investigated the situation. She discovered: (1) A debit balance of $75 on the postage account had been incorrectly extracted on the list of balances as $750 debit. (2) A payment of $500 to a credit supplier, X,...
A newly graduated accountant prepared the following trial balance for Pharoah Company at March 31. Credit by Study PHAROAH COMPANY Trial Balance March 31 Debit Cash $23,470 Accounts receivable 34,010 Supplies 1,610 Notes payable Accounts payable Unearned revenue D. Losier, capital D. Losier, drawings 15,270 Service revenue Insurance expense 500 Interest expense 6,710 Rent expense 15,600 Salaries expense 39,230 Supplies expense 1,840 Utilities expense 2,610 Total $140,850 $20,770 20,463 4,900 29,100 65,410 $140,643 A review shows that the accountant made...
crial balance of Mazita, a tr 6 The trial bala entered in a that show a net profit for the uspense account. The trial balance was then used to prepar et profit for the year of RM53,670. Errors and Suspense Account Mazita's books s books comprise the usual books of prime entry, including a two-columna discount columns, and a single general ledger that January 2016 failed to agree. The difference was was then used to prepare draft final accounts 173...
Donald’s financial year ends on 30 September. The Trial Balance prepared on 30 September 2018 showed a shortage of $2000 on the debit side. Donald entered it in a suspense account and prepared a draft income statement which showed a profit of $54000. An investigation of the books revealed the following: (i) Motor vehicles costing $5000 had been incorrectly treated as purchases of goods for resale. Depreciation is provided at 20% per annum on cost. (ii) The withdrawals of $3000...
Donald’s financial year ends on 30 September. The Trial Balance prepared on 30 September 2018 showed a shortage of $2000 on the debit side. Donald entered it in a suspense account and prepared a draft income statement which showed a profit of $54000. An investigation of the books revealed the following: (i) Motor vehicles costing $5000 had been incorrectly treated as purchases of goods for resale. Depreciation is provided at 20% per annum on cost. (ii) The withdrawals of $3000...
Mandy prepared a trial balance from his ledger on 31 December 2016. The debit column total was $150 500 whereas the credit column total was $148 500. The difference was placed in a suspense account. He discovered the following errors in his books: 1. An invoice for $4000 sent to White, a credit customer had been completely omitted from the books. 2. A page from the Sales day book sub-totaling $15200 has been incorrectly carried forward as $12500 3. The...
At the year-end of Shellix Ltd, an imbalance in the trial balance was revealed which resulted in the creation of a suspense account with a credit balance of $1 040. Investigations revealed the following errors: 1. A sale of goods on credit for $1 000 had been omitted from the sales account. ni Installation costs of $240 on a new item of plant has been recorded as a revenue expense. 3. Cash discount of $150 on paying a supplier, Cathy,...
Principles of Accounting 1 made the following The
accountant of Blueberry Inc. errors during March 2020. a. The cash
purchase of OMR 2,110 computers was recorded as a OMR 2,200 debit
to Office Equipment and a OMR 2,110 credit to Cash. b. An OMR 800
purchase of supplies on account was properly recorded as a debit to
the Supplies account but was incorrectly recorded as a credit to
the Cash Account. c. The company provided services valued at OMR
7,500...
Alpaca Company presented the following unadjusted trial balance. As you can see, the trial balance is not balanced since the former accountant made several errors. CREDIT $ 48,000 ALPACA CORPORATION TRIAL BALANCE JAN 31, 2020 DEBIT Cash $ 10,000 Accounts Receivable 80,000 Equipment 120,000 Accounts Payable Wages Payable Capital, Moose Service Revenues Wages Expense 16,200 Rent Expense 14,000 Insurance Expense Utilities Expense 3,000 TOTAL $ 255,200 123,200 86,000 12.000 $ 257,200 After reviewing the financial records, you found the following...
Etice 2 Group Onda i The March 31, 2020, unad usted trial balance for Silva Rentals after its first year of operations is shown below: Silva Rentals Oradjusted trial Balance March 31, 2020 Unada 4 5 cil Foco 100 Cash No Rent receivable 124 orice supplies 141 Notes receivable, due 2023 161 Turniture 179 Basiding 183 Land 19 Patent 201 Accounts payable 252 Long-term note payable 201 Stephen Silva, capital 302 Stephen Silva, withdrawal 106 Rent revenue 620 Ottice salaries...