Correction of Errors

  • Created by: TeresaM19
  • Created on: 19-10-21 17:06

1.  Stationery £1,125 Incl VAT Chq was DR Purchases/VAT
CR Purchases removes Net £937.50 and DR Stationery Net £937.50
Stationery not Purchases, VAT correct DR with VAT amount
Both Stationery & Purchases in error, no need to use Suspense A/c

2.  Bank Statement £5,500 withdrawn from Bank, Drawings A/c DR

no entry to Bank - DR Suspense 5,500 and CR Bank £5,500
Drawings not recorded in Bank, only one A/c in error, use Suspense A/c

3.  Bank Payment £965 pay Rates. CR Bank,
Rates bill DR twice to Rates A/c; CR Rates £965 removes one payment; One A/c in error, DR Suspense A/c £965

4.  Petty Cash Receipt Stamps £31.65 posted £13.56
Stamps £31.65, only £13.56 posted, difference £31.65 &


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