Question
Your bookkeeper extracted a trial balance on 31.12.2022 which failed to agree by RM210, a shortage on the credit side of the rial balance. A
Your bookkeeper extracted a trial balance on 31.12.2022 which failed to agree by RM210, a shortage on the credit side of the rial balance. A suspense a/c was opened for the difference. In the month, the following errors were detected: (i) Sales day book had been undercast by RM200. (ii) Sales of RM610 to T Vantuira had been debited in error to T Ventures a/c. (iii) Rent a/c had been undercast by RM90. (iv) Discount allowed a/c overcast by RM100. (v) The sale of computesr of a net book value had been credited in error to sales a/c RM 230. Required: a) The journal entries to correct the errors. (10 marks) b) Draw the suspense a/c after the errors are corrected. (5 marks) c) If the net profit had previously been calculated at RM31,400 for the year ending 31.12.2022, show the calculation of the corrected profit. (5 marks)
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