Reference no: EM133061194
Question - Maria Matsa's financial year ends on 30 September. The trial balance prepared on 30 September 2012 showed a shortage on the credit side of $788. Maria entered this in a suspense account and then prepared a draft income statement (trading and profit and loss account) which showed a profit of $28 000. The following errors were later discovered:
-$50 cash spent on stationery was entered in the cash book but not in the stationery account
-The sales journal was undercast by $1000
-$240 received from Abdul Ahmed, a customer, had been credited to the account of Abdulla Ahmed, another customer, in the sales ledger.
-The total of the discount received column in the cash book of $14 had been debited to the discount allowed account in the nominal (general ledger)
-$95 cash paid to Joe Jones, a trade creditor, has been credited to his account in the purchases ledger
Required -
-Prepare entries in Maria Matsa's journal to correct the above errors. Narratives are not required.
-Prepare a suspense account in Maria Matsa's ledger to show the required amendments. Start with the balance arising from the difference on the trial balance.
-Prepare a statement of corrected profit for the year ended 30 September 2012.
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