Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

iii ) Where the correct amount has been entered on one side of the ledgerby the wrong amount has been entered on the other side

iii) Where the correct amount has been entered on one side of the ledgerby the wrong amount has been entered on the other side of the account.
Q4. Nii Aboloo started business with Ghc 3,500 cash at bank and office equipment worth Ghc 1,600. The following transactions took place during the month of January 2008.
Jan 1st- Bought Motor cycle on credit from Samsam Ghc 900
2nd-, Bought goods on credit from Lopez Ghc 3,800
4th- Returned goods worth Ghe 200 to Lopez
6th-, Sold goods on credit to Nkum Ghc 2,800
8th-, Paid Lopez cheque of Ghc 3,500 in full settlement of the debt
10th Nkum returned goods worth Ghc 150 and paid cash of Gh c 2,600 in full
15th-, Cash Sales Ghe 1,800
20th- Aboloo withdrew Ghc 100 worth of goods for personal use.
22nd withdrew Ghc 500 cash from bank for office use
25th- Bought goods and paid cash Ghc 600
28th- Paid Ghc 500 cash to Samsam for the motor cycle
image text in transcribed

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

Step: 3

blur-text-image

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

Auditing and Assurance services an integrated approach

Authors: Alvin a. arens, Randal j. elder, Mark s. Beasley

14th Edition

133081605, 132575957, 9780133081602, 978-0132575959

More Books

Students also viewed these Accounting questions