6. A purchase return of $48 has been wrongly posted to the debit of the sales returns account, but has been correctly entered in the supplier's account. Which of the following statements about the trial balance would be correct? A The credit side to be $48 more than the debit side B C The debit side to be $48 more than the credit side The credit side to be $96 more than the debit side D The debit side to be $96 more than the credit side Q7. The receivables ledger control account below contains several incorrect entries. RECEIVABLES LEDGER CONTROL ACCOUNT (2 marks) $ $ Opening balance 138,400 Credit sales 80,660 Contras against credit balances in payables ledger 1,000 Cash received from credit customers 78,420 Irrecoverable debts written off 4,950 Dishonoured cheques from credit customers 850 Closing balance 129,360 216,820 216,820 What should the closing balance be when all the errors are corrected? A $133,840 B $135,540 C $137,740 D $139,840 (2 marks) Q8. A limited liability company's trial balance does not balance. The totals are: Debit Credit $384,030 $398,580 A suspense account is opened for the difference. Which of the following pairs of errors could clear the balance on the suspense account when corrected? A Debit side of cash book undercast by $10,000; $6,160 paid for rent correctly entered in the cash book but entered in the rent account as $1,610. B Debit side of cash book overcast by $10,000; $1,610 paid for rent correctly entered in the cash book but entered in the rent account as $6,160. C Debit side of cash book undercast by $10,000; $1,610 paid for rent correctly entered in the cash book but entered in the rent account as $6,160. D Debit side of cash book overcast by $10,000; $6,160 paid for rent correctly entered in the cash book but entered in the rent account as $1,610. (2 marks) Q9. Alpha buys goods from Beta. At 30 June 20X5 Beta's account in Alpha's records showed $5,700 owing to Beta. Beta submitted a statement to Alpha as at the same date showing a balance due of $5,200. Which one of the following could account fully for the difference? A B Alpha has sent a cheque to Beta for $500 which has not yet been received by Beta. The credit side of Beta's account in Alpha's records has been undercast by $500. C D An invoice for $250 from Beta has been treated in Alpha's records as if it had been a credit note. Beta has issued a credit note for $500 to Alpha which Alpha has not yet received. (2 marks) Q10. At 30 June 20X4 a company's allowance for receivables was $39,000. At 30 June 20X5 trade receivables totalled $517,000. It was decided to write off debts totalling $37,000. The allowance for receivables was to be adjusted to the equivalent of 5 per cent of the trade receivables. What figure should appear in the statement of profit or loss for these items? A $61,000 B $22,000 C $24,000 D $23,850 Q11. (2 marks) Which one of the following journal entries is required to record goods taken from inventory by the owner of a business? A Debit Drawings Credit Purchases B Debit Sales Credit Drawings C Debit Drawings Credit Inventory D Debit Purchases Credit Drawings (2 marks)