Subject: Accountancy, asked on 14/4/22

Subject: Accountancy, asked 1 day, 13 hours ago

Subject: Accountancy, asked 1 day, 13 hours ago

Subject: Accountancy, asked 2 weeks, 4 days ago

The accountant CC Company extracted a trial balance as at 31 December 2020 but its totals did not agree. An income

statement for the year ended 31 December 2020 was prepared and a net profit ofTshs 479,280,000 was shown. All the errors made in 2020 were discovered in the following year.

(i)???? Discounts ofTshs.840,000 allowed to a debtor, H Tong, had been posted to the wrong side of the discounts allowed account.

(ii)?? The debit side of the rent account had been undercast byTshs.1,000,000.

(iii) A purchase invoice ofTshs.279,000 had been completely omitted from the books.

(iv) A total of Tshs.12,800,000 paid for wages had been incorrectly debited to the buildings account.

(v)?? A receipt of dividend, Tshs.390,000 had been correctly entered in the cash book but nowhere else.

(vi) A payment of Tshs.1,566,000 to a creditor, D Chen, had been entered in D Chan?s account.

(vii) A payment for motor expenses of Tshs.380,000 had been entered in the motor vehicles account. Depreciation had been charged on motor vehicles at 10% per annum on cost.

(viii)? Returns from customer amounting toTshs1,999,000 had been entered in the personal accounts only.

(ix) A receipt of Tshs.940,000 from a debtor, C Bau, had been correctly recorded in the cash book, but had been posted to her personal account as Tshs. 490,000.

(x)?? A petty cash balance of Tshs.116,000 had been omitted from the trial balance. You are required to:

(a)????? Show the journal entries to correct the errors. (Narrations are not required.)

(b)????? Show the corrections in the suspense account.

(c)????? Calculate the correct figure of net profit for the year ended 31 December 2020.

Subject: Accountancy, asked 2 weeks, 5 days ago

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