Class Notes (834,991)
Canada (508,850)
Accountancy (152)
ACCO 240 (36)
All (9)
Lecture

Correction of errors- add qu.docx

2 Pages
69 Views
Unlock Document

Department
Accountancy
Course
ACCO 240
Professor
All Professors
Semester
Fall

Description
Correction of errors – Additional Questions Question 1 The Trial Balance totals did not agree. The difference of $104 was entered on the debit side of the suspense account. After checking the accounts the book-keeper found the following errors: 1. $34 written off as bad debts was recorded in the debtors account only. 2. The returns outwards day book had been undercast by $40 and the wrong total posted to the account. (c) Goods sold to Jim, $320, posted to his account as $300. (d) A cash payment of $90 for rates was entered in the cash book but not posted to the rates account. You are required to correct the errors and eliminate the suspense account. Question 2 The difference in the Trial Balance totals, $225 had been entered on the debit side of the suspense account. Subsequently the following errors were found: 1. Drawings of goods during the year amounting to $90 was completely omitted from the books. 2. Returns inwa
More Less

Related notes for ACCO 240

Log In


OR

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit