A business has calculated its draft profit for the year as $15000. The following were then discovered. 1 General expenses were understated by $600. 2 The sales journal total of $55690 had been posted to the sales account as $56 590. 3 Repairs to vehicles of $1100 had been entered in the vehicles (at cost) account. 4 The salaries account included travelling expenses of $2400 paid to the salesmen. What was the correct profit for the year?

The closing balance on a purchases ledger control account is $163762. The purchases journal has been undercast by $10…

What is entered in the sales ledger control account? 1 cash sales 2 increase in provision for doubtful debts 3 return…

A trial balance included a suspense account. The bank balance of $28412 had mistakenly been entered as an overdraft a…

The following balances related to Ladha's business. At 31 March 2016: total assets $388000, total liabilities $84000…

A trial balance showed a provision for doubtful debts as $1350. Trade receivables were $50320 which included a debt o…

A business provides the following information. Revenue $140000; opening inventory $22000; closing inventory $24500; …