The following errors were discovered during the financial year ended 28 February 2021. a) A debtor that was owing N$ 600 was erroneously written-off as bad debt; b) Cash receipt of $300 was recorded as bank receipt; c) A payment of N$ 1 500 received from a customer was recorded on supplier; d) Credit sales of N$ 4 300 was recorded to supplier account; Page 18 of 19 e) Bank charge of $420 was completely omitted from the records; f) Stationery purchased of $ 580 was debited to advertisement; g) Printing that was purchased by EFT was completely ignored in the books, $630; h) A customer that was owing $1 250 was declared bankrupt and the transaction was not recorded; i) The owner withdraws a cheque for $900 and deposited in the business; j) Depreciation for motor vehicle was not provided for. Depreciation is at 10% straight line and no residual value. k) Depreciation for computer equipment was not provided for. Depreciation as at 15%, straight line with N$ 2 000 residual value. REQUIRED Prepare a corrected Trial Balance as at 28 February 2021, after incorporating the above errors. NB, specify what amounts were deducted or added as per the errors given to get to the totals of the Trial Balance.
The following errors were discovered during the financial year ended 28 February 2021.
a) A debtor that was owing N$ 600 was erroneously written-off as
b) Cash receipt of $300 was recorded as bank receipt;
c) A payment of N$ 1 500 received from a customer was recorded on supplier;
d) Credit sales of N$ 4 300 was recorded to supplier account;
Page 18 of 19
e) Bank charge of $420 was completely omitted from the records;
f) Stationery purchased of $ 580 was debited to advertisement;
g) Printing that was purchased by EFT was completely ignored in the books, $630;
h) A customer that was owing $1 250 was declared bankrupt and the transaction was not
recorded;
i) The owner withdraws a cheque for $900 and deposited in the business;
j) Depreciation for motor vehicle was not provided for. Depreciation is at 10% straight line
and no residual value.
k) Depreciation for computer equipment was not provided for. Depreciation as at 15%,
straight line with N$ 2 000 residual value.
REQUIRED
Prepare a corrected
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