Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Case-3 The March 2020 unadjusted trial balance of Ismail Consultancy Services owned by Ismail Al Weheibi is presented below. The regular bookkeeper has resigned and

image text in transcribed

Case-3 The March 2020 unadjusted trial balance of Ismail Consultancy Services owned by Ismail Al Weheibi is presented below. The regular bookkeeper has resigned and left the following trial balance which is obviously incorrect as it did not balance. Ismail Consultancy Services Unadjusted Trial Balance March 31, 2020 OMR 311 31,000 10.000 Total 1017.20 Upon reviewing the trial balance and the process of transferring the amounts in the ledger accounts to the trial balance, two CITU were discovered: a) The debit column in the trial balances was footed incorrectly. b) The balance in the accounts payable ledger account of OMR 62,700 was transferred as OMR 72.600 When the balances of the ledger accounts were recomputed, two more errors were discovered e) The Utilities Expense account balance was overstated by OMR 1,800. d) The total debits in the Cash account amounted to OMR 184,600 and the credits totalled OMR 149,800. Discovered four more errors when postings were retraced from the joumal to the leder: e) A debit posting to Accounts Receivable in the amount of OMR 52,000 should have been OMR 5.200. f) A debit posting to Accounts Payable for OMR 46.000 was missing. g) A credit posting to Service Revenues in the amount of OMR 7.600 was missing h) A credit of OMR 31,000 was posted to Accounts Payable rather than OMR 30,100 Question No. 4 Required: Prepare (10 marks) corrected trial balance

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advanced Accounting And Auditing Theory And Practice

Authors: Prof. R.B. Patel

1st Edition

8188730882, 978-8188730889

More Books

Students also viewed these Accounting questions

Question

c. What were you expected to do when you grew up?

Answered: 1 week ago

Question

d. How were you expected to contribute to family life?

Answered: 1 week ago

Question

e. What do you know about your ethnic background?

Answered: 1 week ago