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5 marksCorrection of Errors and the Suspense Account

CSEC Principles of Accounts · January 2017 · Paper 2 · Question 4(b)(iii)

At the end of year 2, the owner recorded a balance of $86,900 in his personal account in the general ledger.

Prepare the journal entry to correct this balance in Warwreck's owner's personal account, including the date and narrative.

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Other parts of this question

  1. 4(a)(i)Name the TWO financial statements which were affected by the depreciation method error.[2 marks]
  2. 4(a)(ii)Name the accounting principle that was NOT being followed by the company.[1 mark]
  3. 4(b)(i)Calculate the balance which had been brought down in error in the Provision for Depreciation Account as at 1 September 2015 using the table provided.[5 marks]
  4. 4(b)(ii)Calculate the amount that should appear in the Provision for Depreciation Account as at 31 August 2016 using the reducing balance method.[7 marks]

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