a). Write the journal entries to correct the following errors. (1) Rent Received Kshs. 430,000 have been credited to the Commissions Received account. (2) Bank charges Kshs. 34,000 have been debited to the Business Rates account. (3) Completely omitted from the books is a payment of Motor Expenses by cheque Kshs. 37,000. (4) A purchase of a fax machine Kshs. 242,000 has been entered in the Purchases account. (5) Returns inwards Kshs. 216,000 has been entered on the debit side of the Returns Outwards account. (6) A loan from G Bain Kshs. 2,000,000 has been entered on the credit side of the Capital account. (7) Loan interest of Kshs. 400,000 has been debited to the Van account. (8) Goods taken for own use Kshs. 84,000 have been debited to the Purchases account and credited to drawings. (10 Marks)

Question

kevinsky103 kevinsky103

03-07-2022
Business

contestada

a). Write the journal entries to correct the following errors. (1) Rent Received Kshs. 430,000 have been credited to the Commissions Received account. (2) Bank charges Kshs. 34,000 have been debited to the Business Rates account. (3) Completely omitted from the books is a payment of Motor Expenses by cheque Kshs. 37,000. (4) A purchase of a fax machine Kshs. 242,000 has been entered in the Purchases account. (5) Returns inwards Kshs. 216,000 has been entered on the debit side of the Returns Outwards account. (6) A loan from G Bain Kshs. 2,000,000 has been entered on the credit side of the Capital account. (7) Loan interest of Kshs. 400,000 has been debited to the Van account. (8) Goods taken for own use Kshs. 84,000 have been debited to the Purchases account and credited to drawings. (10 Marks)

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anthougo anthougo · Answer 1 · 2022-07-03T23:28:17+02:00

The journal entries to correct the errors are as follows:

Journal Entries:

(1) Debit Commission Received Account Kshs. 430,000

Credit Rent Received Account Kshs. 430,000

To reverse the credit to the wrong account.

(2) Debit Bank charges Kshs. 34,000

Credit Business Rates account Kshs. 34,000

To reverse the debit to the wrong account.

(3) Debit Motor Expenses Kshs. 37,000

Credit Bank Account Kshs. 37,000

To record the payment.

(4) Debit Equipment (Fax Machine) Kshs. 242,000

Credit Purchases account Kshs. 242,000

To reverse the debit to the wrong account.

(5) Debit Returns Inwards Account Kshs. 216,000

Credit Returns Outwards Account Kshs. 216,000

To reverse the debit to the wrong account.

(6) Debit Capital Account Kshs. 2,000,000

Credit Loan, G Bain Kshs. 2,000,000

To reverse the debit to the wrong account.

(7) Debit Loan Interest Kshs. 400,000

Credit Van Account Kshs. 400,000

To reverse the debit to the wrong account.

(8) Debit Drawings Kshs. 168,000

Credit Purchases account Kshs. 84,000

Credit Inventory Kshs. 84,000

To reverse the debit to the wrong account.

Transaction Analysis:

(1) Commission Received Account Kshs. 430,000 Rent Received
Account Kshs. 430,000

(2) Bank charges Kshs. 34,000 Business Rates account Kshs. 34,000

(3) Motor Expenses Kshs. 37,000 Bank Account Kshs. 37,000

(4) Equipment (Fax Machine) Kshs. 242,000 Purchases account Kshs. 242,000

(5) Returns Inwards Account Kshs. 216,000 Returns Outwards Account Kshs. 216,000

(6) Capital Account Kshs. 2,000,000 Loan, G Bain Kshs. 2,000,000

(7) Loan Interest Kshs. 400,000 Van Account Kshs. 400,000

(8) Drawings Kshs. 168,000 Purchases account Kshs. 84,000 Inventory Kshs. 84,000

To learn more about using journal entries to correct errors at https://brainly.com/question/24076945