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Accounting for errors

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Reference no: EM133197526

Accounting for errors:

The financial year for Shakil Ltd ends on the 30 June 2024. The company purchased price of $95 600 for a new vehicle on 1 January 2023 was posted to the vehicle maintenance expense account. Motor vehicles are depreciated at 20% p.a. straight-line. This error was revealed through an audit at 30 June 2024.

Required:

Prepare the adjusting journal entries for the year ended 30 June 2024 and provide an appropriate explanation under each entry.

Reference no: EM133197526

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