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Financial Accounting Cat 1 Question Paper

Financial Accounting Cat 1

Course:Diploma In Business Administration

Institution: Machakos University question papers

Exam Year:2010

Jane Kamau runs a small Grocery business
The balance sheet of the bankers and trial balances extracts showed a credit difference of sh 500 which was posted to the suspense account.
After Audit the following errors were discovered
1. A discount received of sh 4500 had been correctly entered in the cash book but had not been posted to the correct account though posted to the wrongside of discount received account.
2. Amount due from Wote traders sh 1250 which had been written off had not been recorded
3. Goods valued at sh 10,000 were taken home by the owner of the business, no entry has been made in the books.
4. A cheque of sh 1250 paid to S Otieno a creditor was correctly entered in the cash book but credited in error in his account
5. An entry of sh500 return outwards was made in error instead of purchase returns books
6. A debit balance of sh 2000 from Kadogo a debtor was omitted from total debtor.
7.A calculator costing sh 3000 had been debited to equipment maintenance account. The calculator was to be depreciated in straight line basis later on
8. The purchase day book had been understated by sh 4000.

Required
i) Journalise all the errors identified.
ii) Balance off the suspense account

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