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TRIAL BALNCE AS AT 30TH JUNE, 2022 Grimault, a sole trader, has extracted the following list of balances as at 30 June 2022 from his accounts prior to the preparation of the annual accounts and statement of financial position. Fixtures and fittings Motor Vehicles Inventories Trade Receivables Bank Trades Payables Sales Purchases Administrative Expenses Sales and distribution expenses Drawings Capital Suspense The following errors have been discovered: 1) 2) 3) Required: 1) 2) DR Prepare journal entries for the errors discovered Prepare a new balance showing the corrected accounts $ 7500 6000 18000 10800 2550 118800 17700 50250 14550 7200 Goods costing $900 withdrawn by Grimault for his own use have not been recorded in the accounts. This should be treated as a reduction in figure for purchases A purchase of fixtures and Fittings on the 1st April, 2022 costing $6,750 by cheque was recorded only in the Bank Account. A credit sale of $7,500 in May 2022 was included correctly in the posting to the sales account, Recorded a $7050 in the receivables account. CR $ 10350 19800 45000 253350 253350

TRIAL BALNCE AS AT 30TH JUNE, 2022 Grimault, a sole trader, has extracted the following list of balances as at 30 June 2022 from his accounts prior to the preparation of the annual accounts and statement of financial position. Fixtures and fittings Motor Vehicles Inventories Trade Receivables Bank Trades Payables Sales Purchases Administrative Expenses Sales and distribution expenses Drawings Capital Suspense The following errors have been discovered: 1) 2) 3) Required: 1) 2) DR Prepare journal entries for the errors discovered Prepare a new balance showing the corrected accounts $ 7500 6000 18000 10800 2550 118800 17700 50250 14550 7200 Goods costing $900 withdrawn by Grimault for his own use have not been recorded in the accounts. This should be treated as a reduction in figure for purchases A purchase of fixtures and Fittings on the 1st April, 2022 costing $6,750 by cheque was recorded only in the Bank Account. A credit sale of $7,500 in May 2022 was included correctly in the posting to the sales account, Recorded a $7050 in the receivables account. CR $ 10350 19800 45000 253350 253350

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 7P: Complex Income Statement The following items were derived from Woodbine Circle Corporations adjusted...
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TRIAL BALNCE AS AT 30TH JUNE, 2022 Fixtures and fittings Grimault, a sole trader, has extracted the following list of balances as at 30 June 2022 from his accounts prior to the preparation of the annual accounts and statement of financial position. Motor Vehicles Inventories Trade Receivables Bank Trades Payables Sales Purchases Administrative Expenses Sales and distribution expenses Drawings Capital Suspense The following errors have been discovered: 1) 2) 3) 1) 2) Required: DR Prepare journal entries for the errors discovered Prepare a new balance showing the corrected accounts $ 7500 6000 18000 10800 2550 118800 17700 50250 14550 7200 Goods costing $900 withdrawn by Grimault for his own use have not been recorded in the accounts. This should be treated as a reduction in figure for purchases A purchase of fixtures and Fittings on the 1st April, 2022 costing $6,750 by cheque was recorded only in the Bank Account. A credit sale of $7,500 in May 2022 was included correctly in the posting to the sales account, Recorded a $7050 in the receivables account. 253350 CR OF $ 10350 198000 45000 253350
Transcribed Image Text:TRIAL BALNCE AS AT 30TH JUNE, 2022 Fixtures and fittings Grimault, a sole trader, has extracted the following list of balances as at 30 June 2022 from his accounts prior to the preparation of the annual accounts and statement of financial position. Motor Vehicles Inventories Trade Receivables Bank Trades Payables Sales Purchases Administrative Expenses Sales and distribution expenses Drawings Capital Suspense The following errors have been discovered: 1) 2) 3) 1) 2) Required: DR Prepare journal entries for the errors discovered Prepare a new balance showing the corrected accounts $ 7500 6000 18000 10800 2550 118800 17700 50250 14550 7200 Goods costing $900 withdrawn by Grimault for his own use have not been recorded in the accounts. This should be treated as a reduction in figure for purchases A purchase of fixtures and Fittings on the 1st April, 2022 costing $6,750 by cheque was recorded only in the Bank Account. A credit sale of $7,500 in May 2022 was included correctly in the posting to the sales account, Recorded a $7050 in the receivables account. 253350 CR OF $ 10350 198000 45000 253350
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