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The summarised statement of financial position of Crocky Mamba as at 3 1 st December 2 0 2 1 is as follows: - Sh .
The summarised statement of financial position of Crocky Mamba as at st December is as follows:
Sh Sh
Capital January Fixed Assets
Profit for the year Fixture fittings and equipment
Less depreciation
Drawings
Motor vehicle
Less: Depreciation
Current liabilities Current Assets
Creditors Stock
Suspense account Debtors
Bank
Subsequently the following errors were discovered:
A debit balance of Kshs for P Mac was omitted from debtors.
An entry of Kshs returns outwards was made in error in sales book instead of purchases returns book.
The purchases day book had been under cast by Kshs
A new calculator costing Kshs had been debited to repairs account depreciation on fixtures, fittings and equipment is on cost
A cheque for Kshs paid to J Opiyo creditor was correctly entered in the cash book but credited to his account.
A bad debt of Kshs should have been written off but this was not done.
Goods valued at Kshs were taken by Crocky Mamba for his personal use and no entry has been made in the books.
Kshs discount received had been correctly entered in cash book but had been posted to the wrong side of discounts received account.
Required;
a Journal entries to correct the errors
b Statement of adjusted profit
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