3.The trial balance of Gakii Ltd. Did not balance on 31st December 2005. The debit side
had a deficit of sh. 900. On 15th March 2006 the following year, the following errors
were found:
i) A payment to Mary by cheques worth sh. 200 was credited in Mary’s account and
debited in the bank account.
ii) Purchase account was under cast by sh. 300
iii) The balance in the rent account of sh. 450 was posted to the trial balance as sh.
540
iv) A cash sale of sh. 320 was recorded in the sales account only
v) Cheque payment of sh. 1,500 to Grace was not recorded anywhere
vi) A discount allowed to Peter was only recorded in Peter’s account the amount
being sh.470
vii) A return outward account was under cast by sh. 100
Required;
Journal entries to correct the above errors
Suspense account duly balance
ACCA Forums
General ACCACorrecting errors in the trial balance
Someone assist please
6y ago#2Good morning Corrine. This seems to be your first post so here are some tips on getting the most out of our forums:
1. Choose the correct forum - this is the "general" forum for anything that is not covered by a specific forum - assuming you are studying FA you need to use an FA forum
2. The "ACCA Forums" are for asking your fellow students - if you have a question for a tutor you need to post to the "Ask ACCA Tutor" forum. (If asking a tutor please bear in mind that the forums are a free service, not a 24/7 service and you may need to wait for a response.)
3. You are more likely to get a swifter response if your question is clear and concise and states, for example, the source of the Q you are looking it. It is not possible for a tutor or student to understand what assistance you are asking for if you copy out a question in its entirety with no clues what is the problem - if you have access to the question, you presumably also have access to the answer.
All I can guess from this post is that you are asking "what is a journal entry?" If you download the notes from here https://opentuition.com/acca/fa/acca-financial-accounting-fa-notes/ you will find that the pdf is searchable and has a "linked" contents page - journal entries are covered in Chapter 11. And you will find a short lecture here https://opentuition.com/acca/fa/journal-entries-acca-financial-accounting-fa-lectures/
If your problem lies with suspense accounts you need to look at Chapter 17.
If after identifying which, if any, of the errors i) to vii) is a problem you can post a more specific query to the relevant forum.
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