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
what is the role of cost accounting in business

The Smiths decided to convert Ron's home into a furnished rental house. After several minor repairs (touching up the paint, replacing screens, pressure-washing), the property was a

Calculate the skewness and kurtosis statistics for your assignment portfolio. How do these reconcile with the assumptions behind Modern Portfolio Theory? Demonstrate analyticall

behabioural aspect of standard costing on budget

) Ialani Corp. uses a job order costing system for the yachts it constructs. On September 1, 2010, the company had the following account balance: Raw material inventory 332400 Wo

As a potential investor, what is the problem with different countries having different accounting standards? As the president of a multinational company, what is the problem with

The Gladys Corporation buys office equipment costing $426,000 on May 12, 2013. In 2015, new and improved models of the equipment make it obsolete, and Gladys sells the old equipme

importance of marginal costing &standing costing

1. The bank added another company's deposit to our account. This would be included on the bank reconciliation as a(n). a) addition to the balance per books. b) subtraction from the

Controllable and Non Controllable Costs Controllable costs can be influenced on the level of authority at that they are being analyzed when non-controllable costs cannot.