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The trial balance of Victoria Limited, a company involved in the manufacturing sector,had a balance in a suspense account of N$6,571 at its year-end of

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The trial balance of Victoria Limited, a company involved in the manufacturing sector,had a balance in a suspense account of N$6,571 at its year-end of 31 December 2016. The main shareholder and bookkeeper, Mrs. Victoria, has identified the following issues: 1. The balance of N$860 on the telephone expense account has been omitted from the trial balance. 2. The total of the purchases day book has been carried forward as N$5,126 whereas the correct amount was N$5,621. The correct amount has been posted to the relevant trade payable. 3. Capital introduced by Mrs. Victoria of N$3,500 had been entered correctly to the bank but had been debited to Sales. 4. Additions to Property, Plant & Equipment purchased and paid for by cheque on the 1 September 2016 had been expensed to the repairs and maintenance account amounting to N$ 12,000 (excluding VAT). Victoria Limited's depreciation policy is to depreciate on a proportionate basis from the date of acquisition and at the rate of 5% per annum 5. AVAT credit of N$1,200 on motor expenses had been incorrectly claimed. 6. An unaccounted statement for municipality rates amounting to N$610 had been discovered in the waste basket. 7. Discount received of N$463 in December 2016 had been for as a discount allowed. 8. A rent expense of N$2,450 paid during the year was recorded by debiting the rates account. Victoria Limited is showing a profit of N$41,825 before accounting for the above issues. REQUIRED: a.) Prepare general journal entries for Victoria Limited to record and correct relevant transactions from the above information for the financial statements for the year- ending 31 December 2016. (15)

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