Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

When the trial balance extracted from the books of Keman Enterprises at the year-end failed to balance, the difference was placed in a Suspense account.

image text in transcribed
image text in transcribed
When the trial balance extracted from the books of Keman Enterprises at the year-end failed to balance, the difference was placed in a Suspense account. Identify the amount that would have been placed in suspense as a result of each of the following errors; A folio in the Purchases Journal has been under-cast by GH 1,800 O A. Dr 3,640 B. Cr 1,800 C. Dr 1,800 D. Dr. 1,500 Adwoa is a business consultant. She provided the following information at the end of her first financial year on 30 April 2019. GHC fees earned during the year 244 000 fees owed by clients at 30 April 2019 22 000 cost of computer equipment purchased 26000 loan interest paid 4 000 other business expenses 142 000 What was Seema's profit for the year? O A. GHC 72,000 B. GHC 94,000 C. GHC98 ,000 OD. GHC120,000

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

Auditing A Practical Approach

Authors: Robyn Moroney, Fiona Campbell, Jane Hamilton

3rd Edition

0730364577, 978-0730364573

More Books

Students also viewed these Accounting questions

Question

identify the main ways in which you learn

Answered: 1 week ago