(b) Suspense a/c. trial balance 14 Stationery 50. Discount allowed Discount received. 14 Joe jones 190
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1 1 Maria Matsa s financial year ends on 30 September. The trial balance prepared on 30 September 2002 showed a shortage on the credit side of $788. Maria entered this in a suspense account and then prepared a draft Trading and Profit and Loss Account. The following errors were later discovered. 1. $50 cash spent on stationery was entered in the cash book but not in the stationery account. 2. The sales journal was undercast by $ $240 received from Abdul Ahmed, a customer, had been credited to the account of Abdulla Ahmed, another customer, in the sales ledger. 4. The total of the discount received column in the cash book of $14 had been debited to the discount allowed account in the general ledger. 5. $95 cash paid to Joe Jones, a trade creditor, had been credited to his account in the purchases ledger. (a) Prepare the entries in Maria Matsa s journal to correct the above errors. (b) Prepare the suspense account in Maria Matsa s ledger to show the required amendments. Start with the balance arising from the difference on the trial balance. (c) For each error 1 5 state how the draft net profit will be affected when the errors are corrected. If the error does not affect the draft net profit, write no effect. Error 1 Error 2 Error 3 Error 4 Error 5 Ans: (a) Dr $ Cr $ 1 Stationery 50 Suspense 50 2 Suspense 1000 Sales Abdulla ahmed 240 Abdul ahmed Suspense 28 Discount allowed 14 Discount received 14 5 Joe jones 190 Suspense 190 (b) Sales Discount allowed Discount received (c) Error 1 : Decrease $50 Error 2 : Increase of $1000 Error 3 : No effect Error 4 : Increase of $28 Error 5 : No effect Suspense a/c 1000 Difference on 788 trial balance 14 Stationery Joe jones
2 2 Amina Nawaz is a sole trader. Her financial year ends on 31 August. The trial balance prepared on 31 August 2006 showed a shortage on the credit side of $1450. Amina entered this in a suspense account. The following errors were later discovered: 1 Goods costing $750, taken by Amina for her own use, had been debited to her drawings account, but no other entry had been made. 2 $250 paid to Sabina Khan had been debited to the account of Robina Khan, another creditor, in the purchases ledger. 3 $150 received in cash from a debtor, whose account had been written off in 2005, had been debited to both the cash account and bad debts account. (a) Prepare the entries in Amina Nawaz s journal to correct the above errors. (b) Prepare the suspense account in Amina Nawaz s ledger to show the required amendments. Start with the balance arising from the difference on the trial balance. (c) Using your answer to (b) state whether you consider that all the errors on Amina s books have been discovered. Give a reason for your answer. Amina Nawaz has a large number of debtors. She is considering preparing monthly control accounts for her sales ledger. She believes that this will help to locate errors if the trial balance fails to balance. REQUIRED (d) State three advantages to Amina of preparing a sales ledger control account other than the location of errors. (e) Explain what is meant by a contra entry in connection with control accounts. (f) State where the following items will appear in a sales ledger control account. If the item will not appear in a sales ledger control account write No entry. Item (i)sales returns (ii) Bad debts (iii) Provision for doubtful debts (iv) Interest charged on overdue account Entry in sales ledger control account Credit Ans: (c) Answer to be based on answer to (b) If (b) shows a closing balance No (1) If all the errors has been discovered the suspense account would be closed (1) If (b) shows the account is closed Yes (1) It is likely that the errors have been discovered as the suspense account is closed (1) (d) Advantages of preparing a sales ledger control account Provides instant total of debtors. Proves the arithmetical accuracy of sales ledger. Enables the Balance Sheet to be prepared quickly. Provides a summary of the transactions relating to debtors for the period. Provides an internal check on the sales ledger may reduce fraud
3 (e) A contra entry is where a transfer is made from an account of a person/business in the sales ledger to an account of the same person/business in the purchases ledger. This may occur when a person/business is both a customer and a supplier. (f) (ii) credit (iii) no entry (iv) debit
4 3 (a) When is it necessary to open a suspense account? (b) On checking his sales ledger, a trader found the following errors had been made. 1. Cash received from Tarek El Sayed was correctly entered in the cash book but had been credited to the account of Tarek El Sherif. 2. A cheque received from Susan Zafar was correctly entered in the cash book but had been debited to Susan Zafar s account. Only one of the above errors will require a correcting entry in the suspense account. State which one and give a reason for your answer. (c) Mary Manake is a sole trader. She has very little knowledge of bookkeeping, but attempted to prepare a trial balance and a set of final accounts. The Balance Sheet she prepared is shown on the following page. Balance Sheet as at 30 April 2004 $ Fixed assets at cost Depreciation on fixed assets Stock 8500 Debtors Capital at 1 May Net profit for the year Drawings Creditors 5200 Bank overdraft Suspense account (difference on trial balance) When the books were checked the following matters were discovered. 1. No adjustment has been made for expenses prepaid at 30 April 2004 amounting to $ The bank statement received on 30 April 2004 showed that the bank had debited the business s bank account with $70 for interest charged on the overdraft. No adjustment has been made for this in Mary Manake s books. 3. The total of the discount received column in the cash book, amounting to $150, has not been transferred to the discount received account in the ledger. Because of this, discount received does not appear in either the trial balance or the Profit and Loss Account. 4. Fixed assets costing $5000 had been sold during the year ended 30 April Depreciation of $500 had been provided up to the date of sale. The amount received for the assets, $4100, had been correctly entered in the cash book, but no other entries had been made. Taking the above items into account, prepare a corrected Balance Sheet for Mary Manake as at 30 April 2004.
5 The Balance Sheet should be shown using a suitable form of presentation, showing the different types of assets and liabilities, and the working capital. The calculation of the corrected net profit should also be shown, either within the Balance Sheet, or as a separate calculation. Ans: (a) When suspense account is required When a trial balance fails to balance. (b) The second error requires a correcting entry in the suspense account. This is required because this error affects the balancing of the trial balance.
(c) Debtor overpaid the amount owed. Debtor paid his account and later returned goods.
1 David Odoyo maintains a full set of books of account. He prepares a purchases ledger control account and a sales ledger control account at the end of every month. (a) State two advantages of control
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