64 605
Assignments Done
99,1%
Successfully Done
In September 2018

Answer to Question #62545 in Accounting for Asif

Question #62545
Modern Traders completed books of accounts, prepared Trial Balance for 30th June 2006. It found “debits” exceeded “credits” by $ 27,880 and was credited to suspense account, after sometime following errors were detected:
Sales returns book was undercast by $1,000.
Purchase of furniture for $3,000 was passed through purchase day book.
$3,750 paid as wages to workers for making show-cases was charged to wages account.
Purchase of $ 6,710 was posted to the debit of creditors account as $ 6,170.
A cheque for $2,000 received from Saleem was dishonoured & was passed to the debit of allowances account.
Goods costing $ 1,000 had been returned by a customer and were taken into stock but no entry was made in the books.
A sale of $ 2,000 to Imran & co. was credited to their account.
Sale amounting to $10,000 was passed through purchased day book. The customer’s account had however been correctly debited.
Required:
(A) Journal Entries (without narration) to rectify the errors with reasons.
(B) suspense Account
Expert's answer

Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Comments

No comments. Be first!

Leave a comment

Ask Your question

Submit
Privacy policy Terms and Conditions