BUS10250 Week 11 Tutorial Questions 26.6A Journal entries to correct the following are required, but the narratives can be omitted: (a) Rent Received 430 has been credited to the Commissions Received account. (b) Bank charges L34 have been debited to the Business Rates account. (c) Completely omitted from the books is a payment of Motor Expenses by cheque 137 (d) A purchase of a fax machine 242 has been entered in the Purchases account. fe) Returns inwards [216 have been entered on the debit side of the Returns Outwards account. A loan from G. Bain 2,000 has been entered on the credit side of the Capital account. (g) Loan interest of 400 has been debited to the Van account. h) Goods taken for own use 84 have been debited to the Purchases account and credited to Drawings. 27.3A You have extracted a trial balance and drawn up accounts for the year ended 31 December 2017. There was a shortage of 78 on the credit side of the trial balance, a suspense account being opened for that amount. During 2018 the following errors made in 2017 were found: 0 125 received from sales of old office equipment has been entered in the sales account. Purchases day book had been overcast by 10. () Aprivate purchase of C140 had been included in the business purchases U Bank charges 22 entered in the cash book have not been posted to the bank charges account. (v) A sale of goods to K. Lamb [230 was correctly entered in the sales book but entered in the personal account as 320. Required: (a) Show the requisite journal entries to correct the errors. (b) Write up the suspense account showing the correction of the errors. (c) The net profit originally calculated for 2017 was f28,400. Show your calculation of the correct figure