Answer To Accounting Test Question COE No.2 On Correction Of Errors/Suspense Account

September 22nd, 2008 /

Append below the answer for Accounting Test Question COE No.2 on Correction Of Errors/Suspense Account:

ANSWER To Accounting Question No. COE 2 On Correction of Errors

(a) Journal entries to correct errors ( without narrations)

(b) Suspense Account

	Debit($)		Credit($)
30/9/08		30/9/08
Difference as per Trial Balance	1,195	Discount Received	76
Mr. B	6	Discount Allowed	76
Sales	36	Mr. C	265
		Bank Interest Charges	100
			720
	1,237		1,237

	($)	($)
Working Capital as per Original Trial Balance (given)		16,217
Add: Mr. C	265
Petty Cash	100	365
		16,582
Less: Mr. B	6
Stock	1,200	(1,206)
Working Capital after adjustments		15,376

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