Question Tag: Error Correction

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FA – Nov 2024 – L1 – Q3a – Correction of Errors

Identify and correct accounting errors using journal entries, suspense account, and revised profit calculations.

Question

The trial balance for Aboadze Ltd for the year ended 31 December 2022 failed to agree, showing a difference of GH¢3,600, which was credited to the suspense account. The draft account reported a net profit of GH¢435,000.

During 2023, the following errors were identified:

GH¢30,000 received from the sale of old machinery was incorrectly recorded in the sales account.
The purchase day book was overstated by GH¢48,000.
A private purchase by the director worth GH¢36,000 was included in the company’s purchases.
Bank charges of GH¢14,400 were recorded in the cash book but not posted to the bank charges account.
A sale of GH¢207,000 to Kofi was correctly entered in the sales day book but posted as GH¢270,000 in the personal account.
Discount received of GH¢13,500 was incorrectly posted to the debit side of the discount allowed account.
Wages of GH¢120,000 paid were not posted from the cash book.

Required:

i) Show the journal entries to correct the errors.

ii) Write up the suspense account to eliminate the errors.

iii) Prepare a statement to show the revised profit.

Answer

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Tags: Accounting Adjustments, Error Correction, Financial Statements, Journal Entries, Suspense account, Trial Balance
Level: Level 1

Topic: Correction of errors
Series: Nov 2024

FA – May 2012 – L1 – SA – Q14 – Correction of Errors

Identifying the type of error when maintenance cost is debited to the wrong account.

Question

The amount of N500,000 for the maintenance of the factory machine was debited to the Plant and Machinery account after crediting the bank account with the same amount. Which error has been committed?

A. Complete reversal of entries
B. Error of commission
C. Error of original entry
D. Error of omission
E. Error of principle

Answer

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Tags: Error Correction, Maintenance Cost, Principle
Level: Level 1

Topic: Correction of errors
Series: MAY 2012

FA – Nov 2020 – L1 – SA – Q20 – Bank Reconciliation

Determines the correct overdraft position after reconciling bank errors.

Question

Bode’s cash book showed he had an overdraft of N20,300. A bank reconciliation, however, indicated that a standing order payment of N3,650 had been entered in the cash book twice, and that a returned customer’s cheque for N2,750 had been debited in the cash account.

What is Bode’s true overdraft position?
A. N12,150
B. N18,450
C. N19,400
D. N21,200
E. N22,150

Answer

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Tags: Bank Reconciliation, Error Correction, Overdraft Position
Level: Level 1

Topic: Bank reconciliations
Series: NOV 2020

FA – Nov 2020 – L1 – SA – Q16 – Correction of Errors

Identifies the correct journal entry to fix a sales/purchase misposting.

Question

Jone Bosco has credit facility with a local trade supplier. A purchase invoice was credited to the supplier’s account and debited to the sales account.

Which of the following journal entries will correct the error?

Account to be Debited	Account to be Credited
A. Sales	Supplier
B. Sales	Purchases
C. Sales	Payables
D. Purchases	Sales
E. Supplier	Sales

Answer

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Tags: Error Correction, Journal Entries
Level: Level 1

Topic: Correction of errors
Series: NOV 2020

FA – Nov 2020 – L1 – SA – Q5 – Accounting for Inventories in Accordance with IAS 2

Effect of closing inventory overvaluation on reported profit.

Question

The closing inventories of a firm were overvalued by N300,000 due to an overcast error in one of the inventory valuation sheets.

How would the correction of this affect the reported profit?
A. Increase reported profit by N300,000
B. Reduce reported profit by N300,000
C. No effect on the reported profit
D. Increase reported profit by N600,000
E. Reduce reported profit by N600,000

Answer

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Tags: Error Correction, Inventory Valuation, Profit Impact
Level: Level 1

Topic: Accounting for Inventories (IAS 2)
Series: NOV 2020

FA – Nov 2012 – L1 – SB – Q35 – Correction of Errors

Determine the effect of inventory understatement on profits for two years.

Question

In preparing a company’s financial statements for the year ended 30 September 2012, it was discovered that the company’s closing inventory was understated by N450,000. If the error remains uncorrected, the effect of this on the profits for 2012 and 2013 will be?

Answer

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Tags: Error Correction, Inventory, Profit
Level: Level 1

Topic: Correction of errors
Series: NOV 2012

FA – May 2014 – L1 – SA – Q6 – Correcting Errors

Corrects an error in recording machinery purchase.

Question

A company purchased machinery for ₦900,000. The company’s Accountant recorded the transaction in the company’s books by debiting the Purchases Account instead of debiting a Non-Current Asset Account. Raise journal entries to correct the error.

Answer

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Tags: Error Correction, Non-current Assets, Purchases
Level: Level 1

Topic: Correction of errors
Series: MAY 2014

FA – Nov 2015 – L1 – SA – Q7 – Correction of Errors

This question asks for the correct journal entry to rectify an error in recording staff uniform expenses.

Question

Abiao Company purchased security staff uniform for N250,000. The Accounts Officer felt that the amount was too high to be charged to expenses and consequently debited the amount to the office equipment account.
The journal entry to correct this error is:
A. Dr. Staff uniform account Cr. Office equipment account
B. Dr. Staff uniform account Cr. Suspense account
C. Dr. Office equipment account Cr. Suspense account
D. Dr. Office equipment account Cr. Staff uniform account
E. Dr. Purchases account Cr. Office equipment account

Answer

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Tags: Accounting principles, Error Correction, Journal Entries
Level: Level 1

Topic: Correction of errors
Series: NOV 2015

FA – Nov 2021 – L1 – SA – Q3 – Correction of errors

This question asks about correcting errors in ledger accounts.

Question

A cheque of N5,000,000 paid to Alhaji Daleko was correctly entered in the cash book but omitted in Alhaji Daleko’s account. To correct this error, debit Alhaji Daleko’s account and credit:
A. Cash account
B. Bank account
C. Suspense account
D. Purchases account
E. Control account

Answer

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Tags: Error Correction, Ledger Balances, Multiple Choice
Level: Level 1

Topic: Correction of errors
Series: NOV 2021

FA – May 2022 – L1 – SB – Q5 – Correction of Errors

Prepare a trial balance, journal entries to correct errors, and a suspense account for Jaja's sole trader business.

Question

Jaja is a sole trader. The trial balance extracted from the balances below, as at March 31, 2021, failed to agree:

Account Description	₦’000
Sales	71,130
Sales Returns	2,100
Purchases	22,150
Expenses	10,710
Non-Current Assets	22,750
Discounts Allowed	740
VAT Liability	6,320
Payables	14,840
Receivables	52,850
Bank Overdraft	3,140
Capital as at April 1, 2020	12,500

A detailed examination of the books revealed the following errors:
(i) The total in the purchases day book was ₦42,150,000, but only ₦22,150,000 was posted to the purchases account.
(ii) An invoice from a supplier for goods worth ₦8,500,000 was omitted from the books.
(iii) Interest earned during the year of ₦105,140,000 was not accounted for in the bank reconciliation.
(iv) Sales returns of ₦1,560,000 was correctly treated in the customer’s account but was credited as ₦560,000 in the sales returns account.
(v) Receivables were overcast by ₦29,830,000.
(vi) Cash drawings by Jaja of ₦2,170,000 were mistakenly credited as cash sales.

Required:
a. Prepare the trial balance of Jaja as at March 31, 2021, and derive the balance in the suspense account as at that date. (6 Marks)
b. Prepare the journal entries, with appropriate narrations, necessary to correct the above errors. (10 Marks)
c. Prepare the suspense account. (4 Marks)

Answer

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Tags: Error Correction, Journal Entries, Suspense account, Trial Balance
Level: Level 1

Topic: Correction of errors
Series: MAY 2022

FA – July 2023 – L1 – Q3 – Control accounts and account reconciliations

Prepare a receivables control account and reconcile it with the schedule of receivables. Identify and explain six books of prime entry.

Question

a) The transactions below relate to Affram Ltd for the year ended 30 April 2022:

1 May 2021 balance b/d:

Account	GHȼ
Sales Ledger Control Account	180,000 Dr

Totals for the year 1 May 2021 to 30 April 2022:

Item	Amount (GHȼ)
Credit sales	600,500
Receipts from customers	690,100
Discount allowed	12,000
Irrecoverable debts	5,400
Sales returns	4,600
Dishonoured cheques from customers	3,000
Contras between sales and purchases	14,000

The Sales Ledger Control Account balance failed to agree with the total receivables of GHȼ67,800 as shown by the Schedule of Receivables.

The following errors were subsequently discovered:

The discount allowed total in the Cash Book had been overstated by GHȼ400.
The total of sales in the Sales Journal had been understated by GHȼ3,000.
A cheque received from a customer for GHȼ2,000, correctly processed through the books, had subsequently been dishonoured. This item had been correctly dealt with in the customer’s account, but no other entry has yet been made.
Goods costing GHȼ5,000 had been returned by a customer. The transaction had been correctly recorded in the Sales Ledger Control Account, but this has not been entered in the customer’s account.
Papa Yaw, a customer, has been declared bankrupt and his debt of GHȼ1,500 is to be written off. No entries have yet been made.

Required:

i) Prepare the Receivables Control Account for the year ended 30 April 2022. (8 marks)
ii) Prepare a statement reconciling the corrected balance on the Receivables Control Account with the corrected balance on the Schedule of Receivables. (3 marks)

b) Book-keeping is the process of recording financial transactions in the accounting records (the books) of an entity. Transactions are initially recorded in books of prime entry also known as books of original entry.

Required:

Identify SIX (6) books of prime entry and their functions. (9 marks)

Answer

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Tags: Books of Prime Entry, Error Correction, Receivables Control Account, Sales Ledger, Schedule of Receivables
Level: Level 1

Topic: Control accounts and account reconciliations
Series: JULY 2023

FA – Mar 2023 – L1 – Q3 – Bank reconciliations | Correction of errors

Prepares an adjusted cash book and bank reconciliation statement, corrects errors through journal entries, and updates the suspense account.

Question

a) Markson’s & Co.’s cash book balance and bank statement balance at 31 March 2021 do not agree. The following information has been provided to help reconcile the difference:

The balance per the bank statement is GH¢10,000 while that of the cash book is GH¢3,300.
A cheque of GH¢6,000 issued to a supplier on 30 March 2021 was still in the supplier’s possession.
Insurance paid by the bank is GH¢400. This is yet to be recorded in the cash book.
An outgoing cheque of GH¢2,000 was recorded twice in the cash book. It is accurately recorded in the bank statement.
Payment of a GH¢1,000 cheque is recorded twice in the bank statement.
The bank statement recorded an amount of GH¢1,200 as dividends received from Kankam Ltd. There is no such transaction in the cash book.
A cheque of GH¢1,000 received from a customer was deposited at the bank on 29 March 2021, but this amount has not yet reflected in the bank statement.
Bank charges in the bank statement amounted to GH¢100.

Required:
i) Prepare an adjusted cash book to record transactions omitted. (4 marks)
ii) Prepare a bank reconciliation statement to agree the bank statement balance with the balance arrived at in (i) above. (4 marks)

b) The trial balance of Askat Enterprises as at 31 December 2021 failed to agree. A suspense account was opened for the difference. Draft final accounts were prepared that revealed a net profit of GH¢80,000 for the year ended 31 December 2021. The following errors were subsequently discovered:

The purchases day book total of GH¢160,000 had been posted to the ledger as GH¢320,000.
The sales account has been understated by GH¢240,000.
Discounts received of GH¢14,000 had been debited to discounts allowed account.
An accrued salary and wages of GH¢12,000 was omitted.
Loose tools bought for GH¢8,000 had been debited to the purchases account.
Purchases of inventory for GH¢140,000 had not been posted to the ledger.
Bad debts of GH¢19,000 written off in the trade receivables account had not been treated in the expense account.
The proprietor had withdrawn goods worth GH¢6,000 for personal use. No entries had been made in the books.

Required:
i) Prepare the journal entries to correct the errors. (6 marks)
ii) Prepare the suspense account and show the difference in the books. (3 marks)
iii) Prepare a statement to show the correct net profit for the year. (3 marks)

Answer

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Tags: Bank Reconciliation, Cash Book, Error Correction, Suspense account
Level: Level 1

Topic: Bank reconciliations, Correction of errors
Series: MAR 2023

FA – Aug 2022 – L1 – Q3 – Correction of errors

Preparation of journal entries to correct errors, adjustment of the trial balance, and explanation of error types that do not affect the trial balance.

Question

The following list of balances was extracted from the books of Awatey at 30 April 2021:

Account	Amount (GHȼ)
Sales	134,200 (Cr)
Purchases	62,300 (Dr)
Inventory at 1 May 2020	4,700 (Dr)
Discounts received	390 (Cr)
Discounts allowed	240 (Dr)
Salaries and wages	12,700 (Dr)
Rent and rates	8,100 (Dr)
Motor vehicle expenses	7,500 (Dr)
Machinery repairs	14,200 (Dr)
General expenses	2,600 (Dr)
Machinery at cost	45,000 (Dr)
Machinery accumulated depreciation	8,000 (Cr)
Motor vehicles at cost	30,000 (Dr)
Motor vehicles accumulated depreciation	6,000 (Cr)
Bank	4,400 (Dr)
Trade receivables	4,600 (Dr)
Trade payables	2,200 (Cr)
Drawings	7,400 (Dr)
Capital at 1 May 2020	52,950 (Cr)

After the extraction of the above balances, the following errors and omissions were discovered: i) A sale on credit to Ali Baba of GHȼ800 had been entered in the Sales Journal as GHȼ80 and had also been posted to the Sales Ledger at the same amount. ii) A new Motor Vehicle costing GHȼ15,000 bought during the year had been debited to the Purchases Account. iii) Purchase of goods on credit from Agyemang Duah, amounting to GHȼ600, had been omitted from the books. iv) A cheque for GHȼ435 paid for Motor Vehicle expenses was recorded in the Cash Book and the Motor Vehicle Expenses Account as GHȼ475. v) Sales of goods on credit to Nii Ayi, amounting to GHȼ1,000, had been omitted from the books. vi) A cheque for GHȼ689 paid for general expenses was recorded in the Cash Book and the General Expenses Account as GHȼ698. vii) The purchase of machinery for GHȼ8,500 had been debited to the Machinery Repairs Account.

Required:
a) Prepare journal entries with appropriate narratives to correct each of the errors and omissions.
(8 marks)

b) Prepare the Trial Balance of Awatey as at 30 April 2021 after adjusting for the errors and omissions.
(8 marks)

c) Explain TWO (2) types of errors which would not affect the balancing of a trial balance.
(4 marks)

Answer

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Tags: Error Correction, Error Types, Journal Entries, Trial Balance
Level: Level 1

Topic: Correction of errors
Series: AUG 2022

FA – April 2022 – L1 – Q3 – Control accounts and account reconciliations | Correction of errors

Preparation of a revised Sales Ledger Control Account and a revised schedule of receivables, including the correction of errors.

Question

Gyidi Ltd sells goods on credit to most of its customers. In order to control its system of debt collection, the company maintains a sales ledger control account. The following information is available for the year ended 31 December 2020.

Account	Amount (GHȼ)
Sales Ledger Control Account balance b/d 1 January 2020	88,200 (Debit)
Sales	310,400
Sales returns	20,600
Discounts allowed	15,000
Irrecoverable debts	3,500
Cheques received from customers	292,040
Dishonored cheques	650
Contra purchases ledger	1,050

The schedule of receivables as at 31 December 2020 has also been provided as follows:

Customer	Amount (GHȼ)
Kwaku Ansah	14,200
Adam Musah	15,000
Akua Afari	22,800
Naa Shikaa	1,400
Kofi Amosah	8,600
Total	62,000

The sales Ledger Control Account balance did not agree with the total from the schedule of receivables. Subsequent investigations revealed the following errors: i) Cash received of GHȼ600 had been credited to Kwaku Ansah’s account as GHȼ60. ii) The discount allowed column in the cash book had been overstated by GHȼ960. iii) A sales return of GHȼ3,200 from Adam Musah was correctly recorded in Adam Musah’s account but had been omitted from the total in the Sales Returns Journal. iv) A credit sale of GHȼ4,000 to Kofi Amosah was correctly recorded in the Sales Journal but no entry had been made in Kofi Amosah’s account. v) A cheque received from Naa Shikaa for GHȼ2,430 correctly processed through the books had subsequently been dishonored. No entries have yet been made to record this dishonored cheque. vi) A credit sale of GHȼ5,200 had been made to Kwaku Ansah but no entries have yet been made to record this transaction. vii) Cash received of GHȼ300 had been debited to Kofi Amosah’s account. viii) No contra entry had been made in Akua Afari’s account in the Sales Ledger in respect of purchases by Gyidi Ltd from Akua Afari for goods with a list price of GHȼ750 less an 8% trade discount. This item has been correctly recorded in the Sales Ledger Control Account.

Required:
a) Prepare a revised Sales Ledger Control Account for the year ended 31 December 2020.
(9 marks)

b) Prepare a revised schedule of receivables as at 31 December 2020.
(7 marks)

c) Explain TWO (2) ways in which control accounts can be useful to businesses.
(4 marks)

Answer

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Tags: Contra Entries, Dishonored Cheques, Error Correction, Receivables, Sales Ledger Control Account
Level: Level 1

Topic: Control accounts and account reconciliations, Correction of errors
Series: APR 2022

FA – May 2017 – L1 – Q4 – Correction of errors | Non-current assets and depreciation

Differences between companies and partnerships, disadvantages of sole proprietorships, depreciation calculation for Otiko Ltd, and error correction for WD.

Question

a) Partnerships and limited liability companies present several similarities for business owners looking for the right company structure. Both have similar income distribution and tax-reporting formats, and both are simpler to set up and operate than a corporation. Despite their similarities, they have differences.

Required:
Identify and explain THREE fundamental differences between a company and a partnership. (6 marks)

b) Sole proprietorships are the smallest form of business organization, and also the most common in the country. However, while there are certain advantages (it is easier to set up a sole proprietorship than a limited liability company, for instance), there are numerous disadvantages.

Required:
State FOUR disadvantages of the sole proprietorship as a mode of business. (4 marks)

c) Otiko Ltd’s head office building is the only building it owns. Using professional valuers, it revalued this building on 1 January 2016, at GH¢2,100,000. Otiko Ltd has adopted a revaluation policy for buildings from this valuation date and has decided that the original useful life of buildings has not changed as a result of the revaluation. The building was acquired on 1 January 2006. The cost of the building on acquisition was GH¢2,500,000 and the accumulated depreciation to the 31 December 2015 amounted to GH¢500,000. The depreciation up to 1 January 2016 was depreciated evenly since acquisition. The professional valuer believes that the residual value on the building would be GH¢600,000 at the end of its useful life.

Required:
Calculate the depreciation amount of the building for the year ended 31 December 2016 based on the information provided in the above scenario. (6 marks)

d) WD noted in 2016 that in 2015 it had omitted to record a depreciation expense on an asset amounting to GH¢600. Its accounts before the correction of the error are;

	2016 (GH¢000)	2015 (GH¢000)
Gross profit	6,000	6,900
Distribution costs	(600)	(600)
Administration expenses	(1,800)	(1,800)
Depreciation	(600)	Nil
Profit from operations	3,000	4,500
Income tax	(600)	(900)
Net profit	2,400	3,600

WD’s retained earnings (income surplus) for the two years before the correction of the error were;

	2016 (GH¢000)	2015 (GH¢000)
Retained earnings carried forward	6,900	4,500
Retained earnings brought forward	4,500	900

Required: Describe how the above error should be corrected in accordance with IAS 8: Accounting policies, changes in accounting estimates and errors. (4 marks)

Answer

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Tags: Depreciation, Error Correction, IAS 8, Limited Liability Companies, Partnerships, Sole Proprietorships
Level: Level 1

Topic: Correction of errors, Non-current assets and depreciation
Series: MAY 2017

FA – Nov 2016 – L1 – Q4 – Correction of errors | Preparation of limited liability company financial statements

Correcting errors in the trial balance and preparing financial statements for Adom Providers Ltd.

Question

The accountant of Adom Providers Ltd has begun preparing financial statements for the year ended 31st December 2015, but the work is not yet complete. At this stage, the items included in the trial balance are as follows:

	GHȼ’000	GHȼ’000
Land	150
Buildings	160
Motor vehicles	130
Accumulated depreciation		220
Share capital		100
Retained earnings		80
Receivables	80
Payables		60
Inventories	50
Operating profit		40
Debentures (15%)		80
Allowance for receivables		5
Bank balance (asset)	12
Suspense	3
	585	585

The following additional information is relevant: i) Sales for the year ended 31st December 2015 had been overcast by GHȼ2,300. ii) A credit note for GHȼ3,500 for goods returned to Abu, a supplier, had not been posted to the supplier’s account. iii) Discounts received of GHȼ1,400 had been posted to the debit side of the discounts allowed account. iv) A credit purchase from Manu of GHȼ640 had not been entered in the books. v) A new motor vehicle purchased for GHȼ14,000 had been recorded as a motor expense. Depreciation has been correctly entered in the accounts. vi) The debentures were issued three months before the year end. No entries have been made as regards interest. vii) A dividend of 5 per cent of share capital was declared before the year end, but not paid until after the year end.

Required:

a) Prepare journal entries with narratives to correct each of the errors in notes (i) to (v) above. (7 marks)

b) Prepare a statement to show the revised operating profit. (4 marks)

c) Prepare for Adom Providers Ltd for the year ended 31st December 2015:

i) Statement of profit or loss for the year. (2 marks)
ii) Statement of Financial Position for the year end. (7 marks)

Answer

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Tags: Error Correction, Financial Statements, Journal Entries, Trial Balance
Level: Level 1

Topic: Correction of errors, Preparation of limited liability company financial statements
Series: NOV 2016

Question Tag: Error Correction

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FA – Nov 2024 – L1 – Q3a – Correction of Errors

Identify and correct accounting errors using journal entries, suspense account, and revised profit calculations.

Required:

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FA – May 2012 – L1 – SA – Q14 – Correction of Errors

Identifying the type of error when maintenance cost is debited to the wrong account.

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FA – Nov 2020 – L1 – SA – Q20 – Bank Reconciliation

Determines the correct overdraft position after reconciling bank errors.

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FA – Nov 2020 – L1 – SA – Q16 – Correction of Errors

Identifies the correct journal entry to fix a sales/purchase misposting.

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FA – Nov 2020 – L1 – SA – Q5 – Accounting for Inventories in Accordance with IAS 2

Effect of closing inventory overvaluation on reported profit.

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FA – Nov 2012 – L1 – SB – Q35 – Correction of Errors

Determine the effect of inventory understatement on profits for two years.

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FA – May 2014 – L1 – SA – Q6 – Correcting Errors

Corrects an error in recording machinery purchase.

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FA – Nov 2015 – L1 – SA – Q7 – Correction of Errors

This question asks for the correct journal entry to rectify an error in recording staff uniform expenses.

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FA – Nov 2021 – L1 – SA – Q3 – Correction of errors

This question asks about correcting errors in ledger accounts.

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FA – May 2022 – L1 – SB – Q5 – Correction of Errors

Prepare a trial balance, journal entries to correct errors, and a suspense account for Jaja's sole trader business.

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FA – July 2023 – L1 – Q3 – Control accounts and account reconciliations

Prepare a receivables control account and reconcile it with the schedule of receivables. Identify and explain six books of prime entry.

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FA – Mar 2023 – L1 – Q3 – Bank reconciliations | Correction of errors

Prepares an adjusted cash book and bank reconciliation statement, corrects errors through journal entries, and updates the suspense account.

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FA – Aug 2022 – L1 – Q3 – Correction of errors

Preparation of journal entries to correct errors, adjustment of the trial balance, and explanation of error types that do not affect the trial balance.

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FA – April 2022 – L1 – Q3 – Control accounts and account reconciliations | Correction of errors

Preparation of a revised Sales Ledger Control Account and a revised schedule of receivables, including the correction of errors.

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FA – May 2017 – L1 – Q4 – Correction of errors | Non-current assets and depreciation

Differences between companies and partnerships, disadvantages of sole proprietorships, depreciation calculation for Otiko Ltd, and error correction for WD.

You're reporting an error for "FA – May 2017 – L1 – Q4 – Correction of errors | Non-current assets and depreciation"

FA – Nov 2016 – L1 – Q4 – Correction of errors | Preparation of limited liability company financial statements

Correcting errors in the trial balance and preparing financial statements for Adom Providers Ltd.

You're reporting an error for "FA – Nov 2016 – L1 – Q4 – Correction of errors | Preparation of limited liability company financial statements"

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