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3 marksCorrection of Errors and the Suspense Account

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

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 a statement to show the revised net profit.

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Other parts of this question

  1. 3(a)(i)Draw up the Suspense Account and correct the errors that caused the difference in Beck Hammond's Trial Balance.[5 marks]
  2. 3(a)(ii)Draft the journal entries necessary to correct the errors which do not affect the Suspense Account.[5 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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