{"id":2106,"date":"2024-07-23T13:54:07","date_gmt":"2024-07-23T13:54:07","guid":{"rendered":"https:\/\/britainwriters.com\/answers\/?p=2106"},"modified":"2024-07-23T13:54:10","modified_gmt":"2024-07-23T13:54:10","slug":"ujenzi-enterprises-is-small-retail-firm-assignment","status":"publish","type":"post","link":"https:\/\/britainwriters.com\/answers\/ujenzi-enterprises-is-small-retail-firm-assignment\/","title":{"rendered":"Ujenzi Enterprises Is Small Retail Firm Assignment"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><strong>Assignment Task<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">a) Ujenzi Enterprises is a small retail firm. The trial balance of the firm failed to agree on 30 June 2022. The difference was transferred to a suspense account and financial statements prepared. On detailed review of the books, the following errors were revealed:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">1. The purchases daybook had been undercast by Sh.1,200,000.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2. Purchases on credit from Demario Ltd. for Sh.600,000 had been posted to their account as Sh.6,000,000.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">3 A purchase of a machine worth Sh.8,400,000 had been posted to repairs of machinery account.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">4. A customer returned goods worth Sh.1,200,000. This transaction had been entered in the sales returns daybook and posted to the debit of the customer&#8217;s account.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">5. Sh.7,200,000 owed by Jeru Ltd., a customer, had been omitted when drawing up a schedule of debtors from the ledger.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">6. A cash discount of Sh.240,000 had been correctly entered in the cashbook but has not been posted to the customer&#8217;s account.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Required<\/strong>:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">(1) Journal entries to correct the above errors.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">(2) Suspense account duly balanced (including the opening balance).<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.unilearno.com\/uploads\/2024\/07\/20240722073402AM-2100975089-2127230117.PNG\" alt=\"20240722073402AM-2100975089-2127230117.PNG\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">i) Prepare the Statement of Profit and loss for the year ended 31st October 2021<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Assignment Task a) Ujenzi Enterprises is a small retail firm. The trial balance of the firm failed to agree on 30 June 2022. The difference was transferred to a suspense account and financial statements prepared. On detailed review of the books, the following errors were revealed: 1. The purchases daybook had been undercast by Sh.1,200,000. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2106","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Ujenzi Enterprises Is Small Retail Firm Assignment - My Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/britainwriters.com\/answers\/ujenzi-enterprises-is-small-retail-firm-assignment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ujenzi Enterprises Is Small Retail Firm Assignment - My Blog\" \/>\n<meta property=\"og:description\" content=\"Assignment Task a) Ujenzi Enterprises is a small retail firm. The trial balance of the firm failed to agree on 30 June 2022. The difference was transferred to a suspense account and financial statements prepared. On detailed review of the books, the following errors were revealed: 1. The purchases daybook had been undercast by Sh.1,200,000. 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