following debit balahce\ Subsequent investigations revealed the following ermors\ (1) Discounts received of

$250

in Jambary 2004 hate been posted to the delont stite of the discounts allowed account.\ (2) Wages of

$2,400

paid in February 2004 by cheque have been posted to the wages account only\ (3) Goods purchased on credit from G. Moore 51.750 was recorded in the purchases account as

$750

.\ (4) Sales on credit to a customer, R. Riley

$3,200

was omitted from the customers account.\ (5) A payment of

$850

to J. Winters in January 2004 has been posted in the personal account as a credit.\ (6) A payment to a supplier, D. Downs

$143

, by cheque was recorded in both accounts as

$413

.\ The draft accounts for the year ended 30 April 2004 of Gore Limited show a net profit of

$66.760

.\ REQUIRED:\ a) Prepare the journal entries necessary to correct the above errors\ (Narrations are not required) (14 marks)\ b) Prepare the suspense account as it would appear after all the errors have been corrected. (9 marks)\ c) Prepare a computation of the corrected net profit for the year ended 30 April 200 (5 marks)\ d) Outline two uses of the Trial Balance ( 2 marks)

following debin halahoe Subsequemt investigations revesled the fothovem errors the discounts allowed accoun. (2) Wages of $2,400 paid in February 2004 by cheque have been pusted to the wages account only (3)Goods purchased on credit from G. Moore $1.750 was recorded in the purchases account as $750. (4)Sales on eredit to a customer, R. Riley $3,200 was omitted from the customers account. (5) A payment of $850 to J. Winters in January 2004 has been posted in the personal account as a credit. (6) A payment to a supplier, D. Downs $143, by cheque was recorded in both accounts as $413. The draft accounts for the year ended 30 April 2004 of Gore Limited show a net profit of $66.760. REQUIRED: a) Prepare the journal entries necessary to correct the above errors (Narrations are not required) (14 marks) b) Prepare the suspense account as it would appear after all the errors have been corrected. (9 marks) c) Prepare a computation of the corrected net profit for the year ended 30 Apri (5 marks) d) Outline two uses of the Trial Balance ( 2 marks)