Correction of errors ：練習問題

The Sales account was overcast by $$HK\$1,000$$. Separately, the Purchases account was also overcast by $$HK\$1,000$$. What type of errors are these?

A new delivery van costing $$HK\$150,000$$ was purchased on credit. The accountant recorded this transaction by debiting Purchases account and crediting Creditors account. How will this error affect the Statement of Financial Position and Income Statement?

A company’s closing inventory at 31 December 2023 was understated by $$HK\$10,000$$. Additionally, a purchase of goods on credit for $$HK\$5,000$$ made on 30 December 2023 was completely omitted from the books. What is the combined effect of these two errors on the Net Profit for the year ended 31 December 2023 and the Working Capital as at 31 December 2023, before correction?

Goods sold on credit to customer A. Wong for $$HK\$1,500$$ were correctly recorded in the sales journal, but when posting to the ledger, the amount was debited to the account of B. Wong. What type of error is this?

A cash payment for general expenses of $$HK\$5,000$$ was correctly entered in the cash book but was posted to the Rent Expense account. What type of error is this?

A purchase of goods for $$ \$500 $$ was correctly entered in the Purchases Journal but completely omitted from the supplier's personal account. Identify the type of error.

A discount allowed of \(HK\$450\) was correctly credited to a customer's account, but was also incorrectly credited to the Discount Allowed account in the ledger. Explain the effect of this error on the trial balance agreement and state the resulting difference between the trial balance totals.

A payment of \(HK\$2,400\) to a supplier, Mr. Wong, was correctly entered in the cash book but was debited to the account of another supplier, Mr. Wang. Identify the specific type of accounting error committed.

After preparing the trial balance for the year ended 31 December 2023, Zenith Traders discovered a credit difference of $$HK\$750$$. A suspense account was opened for this difference. Upon further investigation, the following errors were identified:

1. The Sales account was undercast by $$HK\$500$$.
2. Commission received of $$HK\$250$$ was completely omitted from the books.
3. The purchase of office stationery for $$HK\$200$$ was incorrectly debited to the Office Equipment account.

Required:
(a) Prepare the necessary journal entries to correct the above errors. Narrations are not required.
(b) Prepare the Suspense Account, showing how the original credit difference of $$HK\$750$$ was cleared.