Reference no: EM132558222
Question a. If a company issues 10,000 shares for $12,000 having face value of $1 per share, how will this information be shown in owners' equity part of balance sheet?
Question b. The Trial Balance of Zaheer Limited does not agree for the year ended December 31, 2019. The company puts the difference in Suspense Account. After mentioning what type of error has been committed, rectify the following errors and prepare the Suspense Account to ascertain the original difference in the Trial Balance.
i. Amount paid for the installation of machinery Rs 10,000 was posted to the Repairs and Maintenance Account.
ii. Total of the Purchases Book, Rs 50,000, was not posted to the ledger.
iii. Goods returned to Sahil, Rs 3,000, were recorded in Sales Book.
iv. Salary paid to Zaheer, Rs 60,000, was debited to his personal account.
v. Depreciation expense of furniture, Rs 500, was not posted to the ledger.
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