Write the journal entries to correct the following errors. (1) Rent Received Kshs. 430,000 have been credited to the Commissions Received account. (2) Bank ch
Write the
(1) Rent Received Kshs. 430,000 have been credited to the Commissions Received account.
(2) Bank charges Kshs. 34,000 have been debited to the Business Rates account.
(3) Completely omitted from the books is a payment of Motor Expenses by cheque Kshs. 37,000.
(4) A purchase of a fax machine Kshs. 242,000 has been entered in the Purchases account.
(5) Returns inwards Kshs. 216,000 has been entered on the debit side of the Returns Outwards account.
(6) A loan from G Bain Kshs. 2,000,000 has been entered on the credit side of the Capital account.
(7) Loan interest of Kshs. 400,000 has been debited to the Van account.
(8) Goods taken for own use Kshs. 84,000 have been debited to the Purchases account and credited to drawings.
b) The following transaction were extracted from the books of Barikiwa Enterprises for the months of March 2020.
|
1st March, 2020 |
Sold goods on credit to Musyoka Kshs. 250,000 |
|
4th March, 2020 |
Sold goods on cash to James Kshs. 15,000 |
|
5th March, 2020 |
Sold goods on credit to Wamalwa Kshs 39,000 |
|
10th March, 2020 |
Sold goods on credit to Cosmo Enterprise Kshs 110,000 |
|
12th March, 2020 |
Sold goods on credit to Breeze land Kshs 35,000 |
|
30th March, 2020 |
Sold goods on credit to Atieno Kshs 50,000 |
Required: -
(i) Respective ledger account entries
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