Accounting (1994 – No. 10) <Answers>
(2)
Debtors (BS)Suspense / 810 / 810
(3)
SuspenseTrading – credit sales / 290 / 290
(4)
Mr Cheng (BS – Debtors)Suspense / 2,880 / 2,880
(5)
Trading – returns inwardsMr Ko (BS – Debtors) / 430 / 430
Mr Kok (BS – Creditors)
Trading – purchases / 430 / 430
(6)
Creditor (BS)Suspense / 80 / 80
(7)
Trading – closing stockStock (BS) / 720 / 720
(8)
Trading – credit salesDebtors (BS) / 350 / 350
Drawings (BS)
Trading – purchases / 350 / 350
(9)
Fixed assetsStock (BS) / 2,500 / 2,500
Profit & loss – depreciation
Provision for depreciation (BS) / 500 / 500
(a)
Debtors control (= Total debtors)
(1) Balance b/d 6,550 (5) Returns inwards omitted 430
(3) Sales undercast 290 (8) Drawings as credit sale 350
Balance c/d 6,060
6,840 6,840
List of debtor total in the sales ledger:
$ $
Unadjusted debtors’ total 3,150
Add: (2) A debtor’s balance omitted 810
(4) Credit sales wrongly credited
(1,260 + 1,620) 2,880 3,690
6,840
Less: (5) Return inward omitted 430
(7) Drawings entered as credit sales 350 780
Adjusted debtors’ total 6,060
(b)
Suspense
Trial balance difference 1,480 (2) Debtors balance omitted 810
(3) Sales undercast 290 (4) Debtors – credit sales 2,880
(6) Creditors – petty cash 80
3,770 3,770
Trading and profit and loss
(7) Closing stock overcast 720 Unadjusted net profit 4,025
(9) Depreciation omitted 500 (3) Sales undercast 290
(8) Credit sales 350 (8) Purchases 350
Adjusted net profit 3,095
4,375 4,375
Balance sheet as at 31 March 1994
Fixed assets at cost Capital 53,000
Less: Accumulated 87,500 Add: Net profit 3,095
Depreciation 38,000 56,095
49,500 Less: Drawings 1,460
Current assets: 54,635
Stock 3,060 Current liabilities:
Debtors 6,060 Creditors 2,120
Petty cash 70 9,190 Bank overdraft 1,935 4,055
58,690 58,690
Accounting (1993 – No. 8) <Answers>
(1) Working: (i) depreciation of machinery by reducing balance
= (80,000 – [20,000 – 8,000]) x 10% = 6,800
機器折舊錯誤撥備 $8,000, 其實應為 $6,800.
ie, over-provision = 8,000 – 6,800 = 1,200
Working: (ii) depreciation of fixtures by reducing balance
= (75,000 – [35,000 – 15,000]) x 20% = 11,000
傢俱折舊錯誤撥備 $15,000, 其實應為 $11,000.
ie, over-provision = 15,000 – 11,000 = 4,000
(2) Working: stock value 應為 250 units x $10.20 = $2,550
現錯記為250 units x $1.20 = $300
ie, undercast by: 2,550 – 300 = 2,250
(3)先利用debtors 計算 ”疑帳撥備”, 即: $4,150 x 8% = $332;
再利用 debtors 餘額計算 ”折扣撥備”, 即: {$4,150 –$332} x 2% = $76
(4) 先更正 accrual (負債) $120 ; 然後補做 prepayment(資產).
(5) 雖未付款, 但仍應視為費用/損失, 同時作負債撥備
Trading and profit and loss
(3) Provision for bad debt Unadjusted net profit
(3) Drovision for dis allowed (1) Depreciation overcast
(5) Insurance claim (2) Closing stock undercast
Adjusted net profit (4) Prepayment as accrual
Balance sheet as at 31 March 1994
$ $ $ $
Fixed assets: Capital
Plant & machinery Add: Net profit
Less: Acc Depr
Fixtures & fittings Less: Drawings
Less: Acc Depr
Current assets:
Stock Current liabilities:
Debtors
Provision for B.D. Creditors
Provision for D.A.
Prepayment Insurance
Bank Payable __
Accounting (1993 – No. 8) <Answers>
(1)
Provision for depreciation – machinery (BS)<累積撥備 –負債>
Profit & loss – depreciation for machinery
<該年度撥備 –費用> / 1,200 / 1,200
Provision for depreciation – fixtures (BS)
Profit & loss – depreciation for fixtures / 4,000 / 4,000
(2)
Stock (BS) <未售出存款 –資產>Trading – closing stock <未售出存款 –收入> / 2,250 / 2,250
(3)
Profit & loss – provision for bad debts<該年度撥備 –費用>
Provision for bad debts (BS)
<累積撥備 –負債> / 332 / 332
Profit & loss – provision for discount allowed
Provision for discount allowed (BS) / 76 / 76
(4)
Accrual (BS) <尚欠費用 –負債>Profit & loss – expenses <該年度費用> / 120 / 120
Prepayment (BS) <預繳費用 –資產>
Profit & loss – expenses <該年度費用> / 120 / 120
(5)
Profit & loss – insurance claim <應付費用>Insurance claim (BS) <尚欠費用 –負債> / 2,250 / 2,250
Trading and profit and loss
(3) Provision for bad debt 332 Unadjusted net profit 29,000
(3) provision for discount allowed 76 (1) Depreciation (1200 + 4000) 5,200
(5) Insurance claim 7,500 (2) Closing stock 2,250
Adjusted net profit 28,782 (4) Prepayment as accrual 240
36,690 36,690
Balance sheet as at 31 March 1994
Fixed assets: Capital 90,000
Plant & machinery 80,000 Add: Net profit 28,782
Less: Acc Depr 18,800
(20000 – 1200)
Fixtures & fittings 75,000 Less: Drawings 7,400
Less: Acc Depr 31,000
(35000 – 4000)
Current assets:
Stock (8200 + 2250) Current liabilities:
Debtors 4,150 Creditors 3,340
Less Provision BD (332) Insurance claim 7,500
Provision DA (76)
Prepayment 120
Bank 2,650 Accrual (120 –120) 0
Accounting (1992 SE – No. 5) <correction of errors>
(A) Some errors may cause the 2 sides of thetrial balance to disagree
(左右方不相等).
In that case, the final accounts (報表) cannot be prepared.
A suspense account is used to make the trial balance agree.
It is a temporary (暫記) account. When all the errors are corrected,
it is written off (撇清).
(1) 折舊多撥備 $500
Profit & loss – depreciation – machineryProvision for depreciation – machinery (BS) / 500 / 500
(2) 呆帳撥備 = 1% x $15,000(debtors) = $1,500
Profit & loss – provision for bad debtsProvision for bad debts (BS) / 1,500 / 1,500
(3) 貨物已賣出, 錯作存款處理, 因此存款是多記了, 要扣回。
500元是售價, 化成來價是 $500 ÷ 125% = $400
存款是以來價 cost 來記錄的, 因此要扣回 400元 (記多了的存貨金額)
Trading – closing stockStock (BS) / 400 / 400
(4) 尚欠利息 =$20,000 x 6% x 6/12 = $600
Profit & loss – loan interestAccrued loan interest (BS) / 600 / 600
(5) Bank charge $50 had not been recorded.
Profit & loss – bank chargeBank (BS) / 50 / 50
Trading and profit and loss
(1) Depreciation for machinery 500 Unadjusted net profit 7,000
(2) Provision for bad debts 1,500
(3) Closing stock 400
(4) Loan interest 600
(5) Bank charge 50
Adjusted net profit 5,300
7,000 7,000
Accounting (1992 – No. 9) <correction of errors>
(a) 題目原有 (5), 已在課程之外, 故取消。
(1) 應在 debtor帳左方記錄 $7,667, 卻錯在右方記錄 $6,767.
Debtors (BS) (7667 + 6767)Suspense / 14,434 / 14,434
(2)
(a) 變賣資產, 不等於售貨, 要開設 disposal account 處理, 先取消該汽車的來價
Disposal of motor vehicleMotor vehicles (BS) / 50,000 / 50,000
(b) 再取消該汽車的累積折舊
Provision for depreciation of motor vehicleDisposal of motor vehicle / 10,000 / 10,000
(c) 只得回 $35,000 現金, 最後可計算 loss on disposal 為 $5,000
Bank (BS)Disposal of motor vehicle / 35,000 / 35,000
(d) 現金, 最後可計算 loss on disposal 為 $5,000
Profit & loss – loss on disposalDisposal of motor vehicle / 5,000 / 5,000
現時, 簿記員只作了以下錯誤的記錄 –請與 (c) 比較 :
BankSales / 35,000 / 35,000
因此, 須補回 (a), (b) 及 (d), 另外 (c) 要更正如下:
Trading – sales (錯記了, 並非售貨收入)Disposal of motor vehicle (補做) / 35,000 / 35,000
* 亦可以 不寫出 disposal account, 綜合結果為
(b) Provision for depreciation of motor vehicle(c) Trading – sales
(d) Profit & loss – loss on disposal
(a) Motor vehicles (BS) / 10,000
35,000
5,000 / 50,000
(3) returns inwards 應記在左方, 現時左方多記了 $1,500, 因此更正如下:
SuspenseTrading – return inwards / 1,500 / 1,500
closing stock 少記了 $23,500, 因此更正如下:
Stock (BS)Trading – closing stock / 35,000 / 35,000
(4) 買入電腦時已打算轉售圖利, 因此須作進貨 purchase 處理, 不可視作資產
Trading – purchasesOffice equipment (BS) / 16,500 / 16,500
此外, 漏記在 cash bank, 因此要補回
SuspenseCash book / Bank (BS) / 16,500 / 16,500
(b)
Trading and profit and loss
(2) Sales 35,000 Unadjusted net profit 31,200
(2) Loss on disposal 5,000 (3) Returns inwards 1,500
(4) Purchases 16,500 (2) Closing stock 23,500
Adjusted net loss 300
56,500 56,500
Suspense
(3) Returns inwards 1,500 Trial balance difference 1,866
(4) Bank 16,500 (1) Debtors 14,434
Balance c/d (尚有錯誤未更正) 1,700
28,000 28,000
(c)
Balance sheet as at 31 March 1992
Fixed assets: Capital:
Office equipment 78,500 Balance as 1.4.1991 53,210
Less: Acc Depr 11,400 67,100 Add: Net profit 300
Motor vehicles 103,300 52,910
Less: Acc Depr 44,268 59,032 Less: Drawings 20,000
126,132 32,910
Current assets: Long-term liabilities
Stock 63,450 Loan 100,000
Debtors 35,134 Current liabilities
Prepaid rent 5,000 Creditors 93,306
Bank 5,800 109,384 Accruals 11,000 104,306
Suspense 1,700 1,866
230,582 237,216
Accounting (1991 – No. 3) <correction of errors>
(a)
(1) 保險公司願賠 $72,000 而未賠, 漏記了, 故要補記)
Insurance claim receivable / Other debtor (BS)Profit & loss – stock loss / 72,000 / 72,000
(2) 將待售存貨變作自用資產 –應在 purchases 帳扣除
Office equipment / Computer (BS)Trading – purchases / 30,000 / 30,000
而且年終要25% 折舊撥備, 但只計 4個月 撥備
Profit & loss – provision for depreciationProvision for depreciation – equipment (BS) / 2,500 / 2,500
(3) 先更正錯誤 – $10,350 debited to advertising and credited to sales
Trading – salesProfit & loss – advertising (廣告費) / 10,350 / 10,350
其次, 捐贈存貨應在 purchase 帳以來價扣除,
題目指出: 來價 x 115% = 3,450; 因此, 每部 printer 來價 = $3,000
Profit & loss – donation (損贈開支)Trading – purchases (3 x $3,000) / 9,000 / 9,000
(b)
Trading and profit and loss
(2) Depreciation – computer 2,500 Unadjusted net profit 160,000
Adjusted net profit 259,500 (1) Stock loss 72,000
262,000 262,000
Accounting (1989 – No. 9) <correction of errors>
(a)
(1) Returns outwards 漏記了, 因此要補回
SuspenseProfit & loss – returns outwards / 3,540 / 3,540
(2) $5,100 應記作資產, 現錯記為費用, 因此要更正
Office equipment – typewriter (BS)Profit & loss – office expenses / 5,100 / 5,100
(3) closing stock 多記了 $880.
Trading – closing stockStock (BS) / 880 / 880
(4) Discounts received $2,600, 應記在右方, 卻錯記在左方
SuspenseProfit & loss – discounts received / 5,200 / 5,200
(5) Credit sales $173 完全漏記了, 因此要補回
Trade debtors (BS)Trading – credit sales / 173 / 173
(6) $7,390 new furniture 漏記了, (但不用計折舊)
Office equipment (BS)Suspense / 7,390 / 7,390
(7) wages 多記了 $360.
SuspenseProfit & loss – wages / 360 / 360
(8) A bank overdraft (透支, 應作負債) of $1,080 had been included in
the trial balance as a debt balance.
SuspenseTrial balance (不是帳項, 故不用改 journal) / 2,160
(9) credit purchase $3,020完全漏記了, 因此要補回
Trading – purchasesTrade creditors (BS) / 3,000 / 3,000
(10) $540 還債給 Mr Mo, 錯記為 $450. 即少記了 $90, 要補回
Mr Mo (BS)Suspense / 90 / 90
(b)
Suspense
(1) Returns outwards 3,540 Trial balance difference 3,780
(4) Discount received 5,200 (6) Office furniture 7,390
(7) Wages 360 (10) Mr Mo (540 – 450) 90
(8) Bank (1080 x 2) 2,160
11,260 11,260
(c)
Trading and profit and loss
(3) Sales 880 Unadjusted net profit 297,200
(9) Loss on disposal 3,020 (1) Returns outwards 3,540
Adjusted net profit 307,633 (2) Office expenses 5,100
(4) Discount received 5,200
(5) Sales 173
(7) Wages 360
311,573 311,573
Accounting (1988 – No. 4) <correction of errors>
At the end of the accounting years, a book-keeper discovered that the net
total of the balances extracted from the purchases ledger, which was
$87,345, did not agree with the balance shown by the purchases ledger
control account. The following errors were found, and after adjustments
had been made, the books balanced.
(1) An item of $683, being purchases from A. Wong had been posted from
the purchases day book to the credit of L. Wong’s account.
(2) Credit balances on the purchases ledger amounting to $329, and debit
balances amounting to $583 had been omitted from the list of balances.
(3) The purchase day book had been undercast by $217.
(4) Goods costing $1,386 had been returned to P.Tam and his account debited
for the goods returned to him, but no other entry had been made.
Required:
(a) Give the journal entries necessary to correct these errors.
(b) Calculate the balance of the purchases ledger control account:
<i> after the corrections, and <ii> before the corrections.
Accounting (1987 – No. 10) <correction of errors>
A trial balance extracted at 31 January 1987 failed to agree and a suspense
account was opened to balance it off. The balance sheet below was drawn up
Balance sheet as at 31 January 1987
$ $ $
Fixed assets
Machinery 40,000
Less provision for depreciation 16,000 24,000
Other furniture 14,000
Less provision for depreciation 6,300 7,700
31,700
Current assets:
Stock 12,500
Trade debtors 8,500
Other debtors 4,100
Cash 3,800
28,900
Less Current liabilities
Creditors 9,100
Suspense 5,300 14,400 14,500
46,200
Financed by:
Share capital 46,200
An inspection of the ledgers was made, and the following was discovered:
(1) The closing stock includes $1,050 goods received as samples.
(2) Office furniture of $800 returned to the supplier has been recorded
in the return outwards account. (要更正折舊撥備)
(3) A debt of $150 already written off in the previous (前年已撇作壞帳)
has been collected in the current year (應另開收入帳 bad debt recovery
處理, 記在右方). The only entry made for this transaction was debited
cash account and credited trade debtors account.
(4) A payment of $67 for repairs had been correctly entered in the cash
book, but has been recorded in the repairs account as $76.
(5) A machine purchased for the company’s use costing $1,200 had been
debited to the purchases account. (自用資產, 並非購入存貨; 要計折舊)
(6)The balance of one of the suppliers was $2,850 in credit, but this was
carried down as $2,500 on the debit side of the list of creditors. The
total debit balance of the list was included in the other debtors account.
(7) Goods amounting to $620 returned to a suppler have not been recorded.
(8) A balance of $59 has been omitted from the list of trade debtors.
Required: <20 marks
(a) Prepare journal entries (narrations are not required) to correct the
above, Their effect on the profit and loss account should also be
incorporated. (Assume that the company depreciated its machinery and
office furniture by the straight line method at 20% and 15%
respectively; full year’s depreciation will be charged at purchase.)
(b) Prepare a statement showing the revised net profit for the year.
Accounting (1986 – No. 3) <correction of errors>
(A) State the kinds of errors which do not affect the agreement of trial
balance totals.
(Double entry複式會計在入帳時, 若 Dr entry 與 Cr entry 不符, 會令試算
表的 Dr total 與 Cr total 也不相符, 改正時會涉及 suspense account,
但有些錯誤則剛好不影響試算表的平衡。)
(1) 錯記在同類型帳戶之內 errors of commission
(2) 錯記在不同類型帳戶之內 errors of principles
(3) 金額左右方都同樣記錯了 errors of original entries
(4) 左方錯記在右方, 同時右方又錯記在左方 complete reversal of entries
(5) 完全漏計 (左右方都同時漏記了) complete omission
(6) 其實出現了兩項不同的錯誤, 只不過, 左方的錯誤與右方的錯誤剛好互相抵
銷了 compensating errors
(B) A trial balance prepared from the ledger of Tin On Company as at 31
December 1985 failed to agree, and the difference was posted to a
suspense account. In each January 1986, the following errors were
discovered, which resulted in the suspense account being cleared.)
(1) The total of the returns outwards book $150 had not been posted to the
ledger.
(2) A sal of goods of $98 to Mr Fung had been posted to his account as
$89, the other posting being correct.
(3) Outstanding (尚欠) telephone expenses in the sum (數目) of $126, had
not yet been recorded.
(4) The debit balance of $250 on Mr Lo’s account had been omitted from the
trial balance.
(5) $500 received from sales of office equipment had been entered in the
sales account.
(6) Bank charge of $20 entered in the cash book had not been posted to
the bank charges account.
Required: <7 marks
Prepare journal entries (narrations are not required) to correct the errors.