Question
A.A ENTERPRISES ADJUSTED JOURNAL ENTRIES / ADJUSTED TRIAL BALANCE Assume that you are working as a Senoir Accounts Officer in A.A Enterprise, The financial year
A.A ENTERPRISES ADJUSTED JOURNAL ENTRIES / ADJUSTED TRIAL BALANCE Assume that you are working as a Senoir Accounts Officer in A.A Enterprise, The financial year 31 December 2018 has just ended and your assistant pepared a trial balance which is showing a difference of 47,090 which he had put on the credit side of a suspense account. You have have investigated and have found the following errors: i) The total of purchases return day book amounting to 16,160 had not been posted to the ledger ii) Discount received amounting to 11,320 had been debited to discount allowed account. iii) The sales account had been added short by 10,000 iv) An asset bought four years ago for 7,000 and depreciated to 1,200 had been sold for 1,500. The receipt of cash has been posted in the bank book but corresponding entries have not been recorded. v) A credit sale of 1,470 had been credited to the customer's account as 1,740. A bad debt of 1,560 has been written off. Provision for doubtful debts is to be maintained at 10% of debtors. Debtors appearing in the trial balance are 23,390 and the provision for bad debts account shows a credit balance of 2,320 vi) A sub-total of 29,830 on the list of closing stock had been carried over as 29,380 and another sheet had been overcast by 1,000 Based on the above information, you are required to prepare Adjusting Journal Entries to be incorporated in the Trial Blance as on 31 December 2018
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