Question 1Natural operates a Nursery in her district and has been having difficulties preparing her accountsfor the year-end financial statements. The Trial Balance did not balance as the debits haveexceeded the credits by $1780. A Suspense Account was open for the difference. The followingerrors were found after closer inspection:i.The Purchases Day Book had been overcast by $1100$2350 received from the sale of old furniture had been entered in the Salesii.Асcount.iii.A cheque of $1950 from T. Cruise was accidentally credited to T. Crane'sасcount.A private purchase of $2400 had been included in the business purchases.v. Bank charges of $1220 entered in the Cash Book have not been posted to the BankCharges Account.vi. A sale of goods to S. Black for $2300 was correctly entered in the Sales Day Book butentered in the personal account as $4200.iv.Required:А.Write up the Suspense Account to clear the difference.В.Show the journal entries necessary to correct the errors (narrations not required).С.The net profit previously calculated for the year was $29 500. Show your calculations ofthe corrected net profit.

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Description: Question 1Natural operates a Nursery in her district and has been having difficulties preparing her accountsfor the year-end financial statements. The Trial Balance did not balance as the debits haveexceeded the credits by $1780. A Suspense Account

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Question 1 Natural operates a Nursery in her district and has been having difficulties preparing her accounts for the year-end financial statements. The Trial Balance did not balance as the debits have exceeded the credits by $1780. A Suspense Account was open for the difference. The following errors were found after closer inspection: i. The Purchases Day Book had been overcast by $1100 ii. . $2350 received from the sale of old furniture had been entered in the Sales Account. iii. A cheque of $1950 from T. Cruise was accidentally credited to T. Crane's account. A private purchase of $2400 had been included in the business purchases. v. Bank charges of $1220 entered in the Cash Book have not been posted to the Bank Charges Account. vi. A sale of goods to S. Black for $2300 was correctly entered in the Sales Day Book but entered in the personal account as $4200. iv.

Question 1 Natural operates a Nursery in her district and has been having difficulties preparing her accounts for the year-end financial statements. The Trial Balance did not balance as the debits have exceeded the credits by $1780. A Suspense Account was open for the difference. The following errors were found after closer inspection: i. The Purchases Day Book had been overcast by $1100 ii. . $2350 received from the sale of old furniture had been entered in the Sales Account. iii. A cheque of $1950 from T. Cruise was accidentally credited to T. Crane's account. A private purchase of $2400 had been included in the business purchases. v. Bank charges of $1220 entered in the Cash Book have not been posted to the Bank Charges Account. vi. A sale of goods to S. Black for $2300 was correctly entered in the Sales Day Book but entered in the personal account as $4200. iv.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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