Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 06 Aug 2017 My Price 11.00

Gifty Adams Showers Ltd

Question 6: Gifty Adams Showers LtdGifty Adams Showers Ltd sells bathroom fittings on credit to most of its customers. In order tocontrol its debt collection system, the company maintains a debtors? ledger control account. Inpreparing the accounts for the year to 30 October 2003 the accountant discovers that the total of allthe personal balances disclosed a balance of GH¢12,802, whereas the debtors? ledger controlaccount balance disclosed a balance of GH¢12,550.Upon investigating the following errors were discovered.(1) Sales for the week ending 27 March 2003 amounting to GH¢850 had been omitted from thecontrol account.(2) A debtor?s account balance of GH¢300 had not been included in the list of balances.(3) Cash received of GH¢750 had been entered in a personal account as GH¢570.(4) Discounts allowed totalling GH¢100 had not been entered in the control account.(5) A personal account balance had been undercast by GH¢200.(6) A contra item of GH¢400 with the creditors? ledger had not been entered in the controlaccount.(7) A bad debt of GH¢500 had not been entered in the control account.(8) Cash received of GH¢250 had been debited to a personal account.(9) Discounts received of GH¢50 had been debited to Adams? debtors? ledger account.(10) Returns inwards valued at GH¢200 had not been included in the control account.(11) Cash received for GH¢80 had been credited to a personal account as GH¢8.(12) A cheque for GH¢300 received from a customer had been dishonoured by the bank, but noadjustment had been made in the control account.Requirements(a) Prepare a corrected debtors? account, bringing down the amended balance at 30 October2003.(b) Prepare a statement showing the adjustments that are necessary to the list of personalaccount balances so that it reconciles with the amended debtors? ledger control account

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Maurice Tutor
(5)
Status NEW Posted 06 Aug 2017 12:08 PM My Price 11.00

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