It contains several mistakes. Trial Balance-31 January 2017 Equity 10500 Cash in hand 1320 Discount received 96 3600 Drawings Fixtures and fittings 2050 General expenses 1050 Inventory 1 February 2016 2567 Purchases 4720 Revenue returns 92 Sales revenue 8430 Trade payables 3455 Trade receivables 3203 21286 19797 In addition to the mistakes in the trial balance, the following errors were also discovered: 1) A purchase of fittings for $120 had been included in the purchases account. 2) A payment of $75 made to a trade payable had not been posted from the cash book into the payables ledger. 3) A cheque of $56 received from a customer had been correctly entered into the cash book but posted to the customer's account as $50. 4) A page of the sales day book was correctly totalled as $564 but carried forward as $456. Prepare the trial balance for Imisi after all the errors have been corrected. Please show all your workings.
It contains several mistakes. Trial Balance-31 January 2017 Equity 10500 Cash in hand 1320 Discount received 96 3600 Drawings Fixtures and fittings 2050 General expenses 1050 Inventory 1 February 2016 2567 Purchases 4720 Revenue returns 92 Sales revenue 8430 Trade payables 3455 Trade receivables 3203 21286 19797 In addition to the mistakes in the trial balance, the following errors were also discovered: 1) A purchase of fittings for $120 had been included in the purchases account. 2) A payment of $75 made to a trade payable had not been posted from the cash book into the payables ledger. 3) A cheque of $56 received from a customer had been correctly entered into the cash book but posted to the customer's account as $50. 4) A page of the sales day book was correctly totalled as $564 but carried forward as $456. Prepare the trial balance for Imisi after all the errors have been corrected. Please show all your workings.
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:The following trial balance was prepared by Imisi.
It contains several mistakes.
Trial Balance-31 January 2017
Equity
10500
Cash in hand
1320
Discount received
96
Drawings
3600
Fixtures and fittings
2050
General expenses
1050
Inventory 1 February 2016
2567
Purchases
4720
Revenue returns
92
Sales revenue
8430
Trade payables
3455
Trade receivables
3203
21 286
19797
In addition to the mistakes in the trial balance,
the following errors were also discovered:
1) A purchase of fittings for $120 had been
included in the purchases account.
2) A payment of $75 made to a trade payable
had not been posted from the cash book
into the payables ledger.
3) A cheque of $56 received from a customer
had been correctly entered into the cash
book but posted to the customer's account
as $50.
4) A page of the sales day book was correctly
totalled as $564 but carried forward as
$456.
Prepare the trial balance for Imisi after all the
errors have been corrected. Please show all your
workings.
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