Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following is the trial Balance of Fisheries Melbourne Pty Ltd. Their manager has got little experience in accounting and he has furnished the following
The following is the trial Balance of Fisheries Melbourne Pty Ltd. Their manager has got little experience in accounting and he has furnished the following Trial balance for you to identify and discuss the error. Trial Balance for Fisheries Melbourne as on 30/06/2020 Debit $ 79,075 $ 105 Credit Bank GST Paid Equipment GST Collected Loan Capital Drawings Service Revenue Electricity Telephone $ $ $ 500 500 15,000 S 60,000 $ 120 $ $ 5,000 200 $ $ 500 16,620 S 144,380 Prepare the correct Trial Balance below and discuss the errors with the trainer Trial Balance for Fisheries Melbourne as on 30/06/2020 Debit Credit Bank GST Paid Equipment GST Collected Loan Capital Drawings Service Revenue Electricity Telephone Highlight the errors identified and corrected below Focus
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