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5 marksCorrection of Errors and the Suspense Account

CSEC Principles of Accounts · January 2010 · Paper 2 · Question 3(a)(i)

Beck Hammond's trial balance credit total exceeded debit total by 2 570. Net profit in the draft Profit and Loss Account was 15 750. Five specific errors were subsequently discovered.

Draw up the Suspense Account and correct the errors that caused the difference in Beck Hammond's Trial Balance.

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Other parts of this question

  1. 3(a)(ii)Draft the journal entries necessary to correct the errors which do not affect the Suspense Account.[5 marks]
  2. 3(a)(iii)Draw up a statement to show the revised net profit.[3 marks]
  3. 3(b)(i)Prepare the Debtors Control Account for March 2009.[6 marks]
  4. 3(b)(ii)State ONE reason why Lara Bryan prepares a Control Account for debtors.[1 mark]

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