Share + 142% 9:09 AM 8/25/2020 - CI Sign in TT Equation - Symbol Symbols THI Texi Text Boy A Header Page Number Footer Header & Footer Tell me what you want to do Comment Comments Bookmark Da Cross-reference Links Format e Link Q10. Mensah Afrani made a net loss of 497,00 during the year to December, 1993. was later discovered that , the following errors accounted for the loss. 1. Opening stock was over valued by $30,000. i. Wages and salaries owing of 11,000 was not taken into account. ii. General expenses was overcast by 624,000. it. A credit sale of 65,700 was only entered in the sales ledger . v. A cash purchase of 60,000 was entered as 80,00 in the purchases account. vi. Rent reccived of 5,000 was credited to the rent account as 50,000. vii. A payment of 110,000 to a supplier was not entered in the books. vii. An insurance premium of 12,000 paid by cash was entered in the insurance account only. ou are required to: (a). State the effect of each one of these errors on the reported Net loss. (6). Prepare a statement to show the correct Net profit or loss after taking all the information in (i) to (i) into account (WAEC GCE Nov. 1994 |Adapted Picture Tools P Online video Help Media View w Wikipedia w Review Add-ins Get Add-ins My Add-ins accting - Word Mailings 213 References [Shapes Screenshot Layout Illustrations A SmartArt Pictures Chart Design Table Tables Search Windows Home 5 Cover Page Blank Page Page Break Pages File Page 1 of 8 Owords 2 H Share + 142% 9:09 AM 8/25/2020 - CI Sign in TT Equation - Symbol Symbols THI Texi Text Boy A Header Page Number Footer Header & Footer Tell me what you want to do Comment Comments Bookmark Da Cross-reference Links Format e Link Q10. Mensah Afrani made a net loss of 497,00 during the year to December, 1993. was later discovered that , the following errors accounted for the loss. 1. Opening stock was over valued by $30,000. i. Wages and salaries owing of 11,000 was not taken into account. ii. General expenses was overcast by 624,000. it. A credit sale of 65,700 was only entered in the sales ledger . v. A cash purchase of 60,000 was entered as 80,00 in the purchases account. vi. Rent reccived of 5,000 was credited to the rent account as 50,000. vii. A payment of 110,000 to a supplier was not entered in the books. vii. An insurance premium of 12,000 paid by cash was entered in the insurance account only. ou are required to: (a). State the effect of each one of these errors on the reported Net loss. (6). Prepare a statement to show the correct Net profit or loss after taking all the information in (i) to (i) into account (WAEC GCE Nov. 1994 |Adapted Picture Tools P Online video Help Media View w Wikipedia w Review Add-ins Get Add-ins My Add-ins accting - Word Mailings 213 References [Shapes Screenshot Layout Illustrations A SmartArt Pictures Chart Design Table Tables Search Windows Home 5 Cover Page Blank Page Page Break Pages File Page 1 of 8 Owords 2 H