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Which if any of the following journal entries is

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Which, if any, of the following journal entries is correct according to their narratives?Dr$Cr$1B receivables ledger account450Bad debts account450(Irrecoverable balance written off)2Investments: Q ordinary shares100,000Share capital100,000(80,000 shares of 50c each issued at $1·25 in exchange for shares in Q.)3Suspense account1,000Motor vehicles account1,000(Correction of errordebit side of Motor vehicles account undercast by $1,000)A.None of themB.1 onlyC.2 onlyD.3 only
FFA REVISION KITMCQs80Question 15A business Statement of profit or loss for the year ended 31 December 2004 showed a net profit of $83,600.It was later found that $18,000 paid for the purchase of a motor van had been debited to motor expensesaccount. Itis the company’s policy to depreciate motor vans at 25 per cent per year, with a full year’s chargein the year of acquisition.What would the net profit be after adjusting for this error?Answer $______________Question 16In a business that uses control accounts, which of the following errors could result in a suspense accountbeing required to balance the trial balance?A.Cash received from receivables treated as a cash saleB.A supplier's invoice for $32 recorded as $23 in the purchases accountC.Payments to suppliers of $647 recorded as $674 in the payables ledgerD.One page lost from the purchase day bookQuestion 17If a supplier's credit note of $130 has been entered as an invoice in the purchases day book, but has beencorrectly entered in the supplier's payables ledger account,the totals of the debit column and the creditcolumn on the subsequently extracted trial balance wouldA.AgreeB.Show $260 more on the debit than the credit sideC.Show $260 more on the credit than the debit sideD.Be different by $130Question 18The credit side of a trial balance totals $400 more than the debit side.Which of the following errors would fully account for the difference?A.$200 paid for lawnmower repairs has been correctly entered in the cash book and credited to thelawnmower asset accountB.Purchase return $200 has been debited to the sales return accountC.A receipt of $400 for commission receivable has been omitted from the recordsD.The petty cash balance of $200 has been omitted from the trial balance
FFA REVISION KITMCQs81Question 19The trial balance of Delta Ltd did not agree and a suspense account was opened for the difference.Which TWO of the following errors found would require an entry to the suspense account as part of the

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Term
Fall
Professor
N/A
Tags
Balance Sheet, Test, The Trial, Generally Accepted Accounting Principles, International Financial Reporting Standards

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