Prepare journals to correct following transactions: 1.additional cash injected into the business amounting to K3,000,000 was only recorded in the bank account. 2.sales returning amounting to K60,000 has been credited to sales account instead of customer's account. 3.purchases were undercast by K42,000 4.accrued rentals amounting K70,000 were completely omitted from the financial statements. 5.a disposal of a motor vehicle costing K600,000 (accumulated depreciation K320,000) for K400,000 cash has not been recorded in the books. 6. Payment to M Banda of K50,000 has been debited to both M Banda and bank account. 7.interest receivable of K48,000 has been accounted as interest payable by debiting interest and crediting accruals.
Prepare journals to correct following transactions:
1.additional cash injected into the business amounting to K3,000,000 was only recorded in the bank account.
2.sales returning amounting to K60,000 has been credited to sales account instead of customer's account.
3.purchases were undercast by K42,000
4.accrued rentals amounting K70,000 were completely omitted from the financial statements.
5.a disposal of a motor vehicle costing K600,000 (
6. Payment to M Banda of K50,000 has been debited to both M Banda and bank
7.interest receivable of K48,000 has been accounted as interest payable by debiting interest and crediting accruals.
AI-generated content may present inaccurate or offensive content that does not represent bartleby’s views.
Unlock instant AI solutions
Tap the button
to generate a solution
