Business, 21.04.2021 14:00 cbreazzy

Discovered 1. A loon of Kshs 40.000.000 from XYZ Banks had been correctly entered in the Cash Book, but
posted on the wrong side of the loan account:
2. The purchase of equipment on credit for Kshs 57.200.000 had been recorded by desting the
supplier's account and crediting the equipment repairs account.
3. A cheque of Kshs 1.600.000 from OJ Ltd, a cstomer was correctly entered in the cash book, but
was credited to the bad debts recovered account. The accountant mistook it for a receipt frem ol
Ltd. a customer whose debt had been written off two years earlier. com
4. Bank charges of Kshs 760,000 had not been entered in the organation's cash book
5. Discounts allowed of Kshs 3,680,000 and discounts received of Kshs 7.940,000 had not been
posted to the respective discount accounts.
6. Ten motor vehicles were purchased on 1 August 2015 for Kshs 32,000,000. The payment wch
correctly entered in the cash book, but was debited to motor expenses account.
Depreciation on motor vehicles is provided for at the rate of 20% per annum on cost.
Required:
0 Journal entries with narrations to correct the errors
(8 marks)
01) Suspense account showing the original difference
(4 marks)
inthod of measurement of elements in financial statements

Answers: 2

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Discovered 1. A loon of Kshs 40.000.000 from XYZ Banks had been correctly entered in the Cash Book...

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