Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please answer the required question given (a) (b)i ii The value of Johan's stock at 30 September 2022 was RM11,875. Johan has discovered the following

Please answer the required question given
(a)
(b)i
ii image text in transcribed
The value of Johan's stock at 30 September 2022 was RM11,875. Johan has discovered the following errors in the postings: - An invoice for carriage inwards was posted to the returns inwards account. The invoice was for RM264. - A credit sale invoice for RM560 was posted as RM650. - The telephone bill for the three months to 30 September 2022 which was received after the year end, has not been included. The bill is for RM297. Required: a. Indicate which of the balances in the Trial Balance will be changed by the correction of the errors, and calculate the corrected balances. (6 marks) b. Based on the corrected Trial Balance, calculate: i. the Gross Profit and the Net Profit for the year to 30 September 2022 . (7 marks) ii. the capital balance at 30 September 2022. (2 marks)

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

Occupational Fraud And Abuse

Authors: Joseph T. Wells

1st Edition

1889277088, 978-1889277080

More Books

Students also viewed these Accounting questions

Question

What is block ownership? How does it affect corporate governance?

Answered: 1 week ago

Question

2. List the advantages of listening well

Answered: 1 week ago