Answered step by step
Verified Expert Solution
Question
1 Approved Answer
estion One (1) a) Book-keeping errors may be grouped into two broad categories, outline them. [2 Mark b) For each of the transactions outline below
estion One (1) a) Book-keeping errors may be grouped into two broad categories, outline them. [2 Mark b) For each of the transactions outline below identify the specific error been committed: i. Sold GH90 goods on credit to Ama, but book keeper did not enter it in either th sales or Ama's personal account. ii. A sale of GHell to C Green is entered in the account of K Green A purchase of a fixed asset, such as a motor van, is debited to an expenses account, such as motor expenses account. IV Sales account was added up to be GHc10 too much and the purchases account was also added up to be GHc10 too much. Sales of GHc 150 goods but an error is made in calculating the sales invoice. If it were calculated as GH130. and GHc130 were credited as sales and GHe 130 were debited to the personal account of the customer Vi Suppose we had paid a cheque to D Williams for GHc200. the double entry of which is Cr Bank GHc200. Dr D Williams GHc200. In error it is entered as CrD Williams GH200. Dr Bank GHc200
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started