Please help me Question 1The Purchases Ledger Control Accounts of Pfozer, a private company, for the monthof January 2018 was prepared as shown below:Purchases Ledger Control AccountDebitCreditRMRMpaidsuppliersDiscount receivedBalance c/fCashto1,253,270Balance b/f105,000Credit purchasesPurchases returnsInterest charged1,600,0004,00012,5001,721,50012,500455,7301,721,500The list of balances extracted from the Purchases Ledger at 31 January 2018 totalledRM 436,735.In addition to the error in the Purchases Ledger Control Account a shown above, thecompany's auditors discovered the following errors:1. An invoice for RM 3,000 recorded in the Purchases Daybook was not postedto the Supplier's Account in the Purchases Ledger.2. The discount received column in the Cash Book was over-added by RM 2,0003. The list of payables' balances includes a credit balance of RM 1,000, whichwas incorrectly listed as a debit balance.4. The debit side of one Supplier's Account had been under-added by RM 250.5. A credit balance of RM 3,295 has been omitted from the list of balances.6. Purchases Ledger contras of RM 4,000, representing a balance in the PurchasesLedger set off against a balance in the Sales Ledger, have been recorded in theAccount of the supplier but not in the Control Account.7. A cheque from RM 14,500 paid to a supplier has been wrongly posted to theSupplier's Account RM 10,450.8. A purchases invoice of RM 30,000 was omitted from the Purchases Daybook.9. The Purchases Daybook was over-added by RM 5,000.Required:a. Prepare a statement correcting the balance at 31 January 2018 on the PurchasesLedger Control Account.b. Prepare a statement correcting the original total of the list of balances extractedfrom the Purchases Ledger.

The main difference between Purchase Ledger and Purchase Ledger Control a/c is that the Purchase…

a. Prepare a statement correcting the balance at 31 January 2018 on the Purchases Ledger Control Account. b. Prepare a statement correcting the original total of the list of balances extracted | from the Purchases Ledger.

a. Prepare a statement correcting the balance at 31 January 2018 on the Purchases Ledger Control Account. b. Prepare a statement correcting the original total of the list of balances extracted | from the Purchases Ledger.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter5: Sales And Receivables

Section: Chapter Questions

Problem 78E

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Required information Skip to question [The following information applies to the questions displayed below.] Nix’It Company’s ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix’It uses the perpetual inventory system). Merchandise inventory $ 45,800 Sales returns and allowances $ 4,900 T. Nix, Capital 131,300 Cost of goods sold 109,800 T. Nix, Withdrawals 7,000 Depreciation expense 11,900 Sales 162,600 Salaries expense 40,500 Sales discounts 4,500 Miscellaneous expenses 5,000 A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $43,850. Prepare journal entries to close the balances in temporary revenue and expense accounts. Remember to consider the entry for shrinkage from QS 5-9. (The solution from QS 5-9 is required to complete this question.)