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Dim01606 accounting for managers

Question

Answered

QUESTION 1

The trial balance of Muhammad bin Ali at 30 June 2018 did not agree. A suspense account was created in order to achieve a balanceDraft final accounts were produced from this Trial Balance and it showed there was working capital of RM27,381.Later, the following items were discovered:

A cheque for RM1,000 received from Safari bin Abdul has been credited to the account of Safari bin Zoo.

2 A cheque received from T Meriam for RM976 had been correctly entered in the Cash Book but has been posted to the Personal Account as RM967.

3 Bank charges of RM720 has been correctly entered in the Cash Book but the other half of the entry had not been completed.

4 The purchase of new machinery on 1 June 2013 for RM1,500 has been posted to the Stock Account. Depreciation is to be ignored.

5 Discounts allowed of RM97 had been credited in error to the Discount Received Account.

6 Sales of RM372 to K Mercun has been posted correctly to the Personal Account, but entered in the Sales Accounts as RM327

7 A sale of RM679 to Fatimah Bibi had not been posted to her personal account

The balance on the Suspense Account was eliminated by the corrections of the above errors.

REQUIRED

Prepare:

(a) Journal entries, to correct items 1-7 above

(b) The suspense Account

QUESTION 2

The treasurer of the Banting Badminton Club prepared the following Receipts and Payments Account for the year ended 31 May 2014:

Receipts and Payments Account

 

RM

 

RM

Balance at bank

4,923

Ground staff wages

219,261

Cash in hand

171

Rent

158,400

Disposal of equipment at book value

4,707

New equipment

166,050

Subscriptions:

 

Insurance

6,102

FYE 31 May 2013

17,370

Sundry expenses

12,618

FYE 31 May 2014

487,980

Refreshment supplies

217,392

FYE 31 May 2015

11,160

Refreshment staff wages

55,851

Refreshment Sales

369,135

Cash in hand

324

 

 

Balance at bank

59,448

 

895,446

 

895,446

 

Additional Information:

 

31 May 2013

31 May 2014

 

RM

RM

Refreshment stocks

13,140

17,415

Subscriptions in arrears

18,450

24,255

Equipment at book value

 

Dim01606 accounting for managers

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