O-LevelAccountingVerification of accounting recordsOct/Nov 2021Paper 2 Q420 Marks
Nikita is a trader. The totals of her trial balance at 30 June 2021 did not agree. The debits exceeded the credits by $2600. Nikita opened up a suspense account. The following errors were later discovered. 1 Insurance of $2500 had been entered as $4500 in the insurance account. The correct entry had been made in the cash book. 2 The total of the discount received column in the cash book of $500 had been debited to the discount allowed account in the general ledger. 3 Credit sales of $1400 to Kajal had been correctly entered in the sales account, but debited as $1000 in Kajal's account. 4 A cheque of $700 received from Anisah had been correctly entered in the cash book, but credited to Aisha's account.
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