Donate SIGN UP

Accounting - Correction Of Errors

Avatar Image
sriddex | 17:19 Thu 21st Feb 2019 | Business & Finance
1 Answers


The following errors were discovered in the accounts of S Woods after the preparation of the Income statement on 31 December Year 2:

1. The Sales Account had been overcast by £189.

2. A purchases invoice for £32 had been omitted from the accounts.

3. Bank charges of £25 correctly entered in the Bank Account had not been posted to the ledger.

4. A credit note received from J Kingston had been correctly entered in the Returns Account as £55 but had been entered in the Kingston's account as £5.

5. A table for reception costing £45 had been wrongly debited to the Purchases Account instead of the Furniture and fittings Account.

In each of the above examples which account should be debited and which account should be credited, Then . . . Prepare a statement showing the revised profit if the profit calculated before the correction of errors amounted to £35,890.
Gravatar

Answers

Only 1 answerrss feed

Best Answer

No best answer has yet been selected by sriddex. Once a best answer has been selected, it will be shown here.

For more on marking an answer as the "Best Answer", please visit our FAQ.
I think the question is intended for you, not for us !

Only 1 answerrss feed

Do you know the answer?

Accounting - Correction Of Errors

Answer Question >>

Related Questions

Sorry, we can't find any related questions. Try using the search bar at the top of the page to search for some keywords, or choose a topic and submit your own question.