O-LevelAccountingVerification of accounting recordsOct/Nov 2021Paper 2 Q320 Marks
Anil is a trader. The totals of the trial balance he prepared on 31 December 2020 did not agree. The debits exceeded the credits by $5140. The following errors were later discovered. 1 The sales account had been undercast by $7100. 2 Sales returns of $520 had been posted as a credit to the purchases account. The correct entry had been made in the customer's account. 3 Bank charges of $320 had been correctly entered in the cash book, but had not been entered in the bank charges account. 4 A cheque refund of $600 for insurance overpaid had been entered on the wrong side of the bank account and no entry had been made in the insurance account.
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