Prepare of the final accounts of a business, Cost Accounting

You are assisting the accountant on the preparation of the final accounts of a business with a year-end of 31 December. A trial balance has been drawn up and a suspense account opened with a debit balance of £1,235. On investigating the reason for the suspense account, you discover the following errors below that now need to be corrected for the year ended 31 December 2011.

Record the journal entries needed in the general (nominal, main) ledger to deal with the items below by

  • Removing any incorrect entries, where appropriate and
  • Posting the correct entries

 

Note: do not provide any descriptions or narratives for the corrections and do not enter zeros into unused column cells. Ignore VAT for this activity.

(a) Entries need to be made for an irrecoverable debt of £680 entered correctly in the sales ledger only

(b) Stationery costing £195 have been paid by cheque. The correct entry was made to the bank account but no other entries were made.

(c) No entries have been made for closing inventory for the year-end 31 December 2011. Closing inventory has been valued at cost at £22,500. Included in this figure are some items costing £3,000 that will be sold for £2,700.

Posted Date: 2/16/2013 3:00:01 AM | Location : United States







Related Discussions:- Prepare of the final accounts of a business, Assignment Help, Ask Question on Prepare of the final accounts of a business, Get Answer, Expert's Help, Prepare of the final accounts of a business Discussions

Write discussion on Prepare of the final accounts of a business
Your posts are moderated
Related Questions
i want to know the different types of costs.

Assume that Banc One receives a primary deposit of $1 million. The bank must keep reserves of 20 percent against its deposits. Prepare a simple balance sheet of assets and liabilit

sabonis consmetics co. purchased machinery on december 31,2011, paying $50,000 down and agreeing to pay the balance in four equal installments of $40,000 payable each dec 31. an as

Suppose that $4 million is available for investment in three projects.  The probability distribution of the net present value earned from each project depends on how much is invest

Tracking Overhead Jack would have a many task at hand if he tried to daily trace all such items of overhead. For example: x     How difficult it would  become to track the "

Q. Calculate break-even level of sales volume and revenue? Z-Boxes sell for £299 and their variable production cost is £99. Research and development, and fixed production overh

Mission Foods produces two flavors of tacos, chicken and fish, with the following characteristics: Chicken Fish Selling price per taco $3.00 $4.50 Variable cost p

Beginning inventory on March 1 consisted of 2,000  units each costing $11.20 . During March, the following was purchased for inventory: Date Purchase

INSURANCE Trustees may insure trust property against loss or damage by fire subject to the following conditions:   1. The insurance must not exceed the full value of the proper

HOW APPLICABLE IS THE MARGINAL COSTING CONCEPT IN ACCOUNTING