Reference no: EM133044005

Question - Ibnu Khaldun's trial balance for the month of January 2020 did not balance, the total credits exceeding the total debit by RM1,778. Ibnu Khaldun created a suspense accounts and inserted the difference into the suspense accounts. Subsequently, on 2 February 2020, the following errors were identified:

i. A balance of RM80 on a trade receivable's account has been omitted from the schedule of trade receivables, the total of which was entered as trade receivables in the trial balance.

ii. The receipts side of the cash book had been under cast by RM520.

iii. The total of one page of the sales day book had been carried forward as RM9,154; where the correct amount was RM9,514.

iv. A credit note for RM179 received from a supplier had been posted to the wrong side of his account.

v. Mr Roni, whose past debts to the company has been subject of a provision, at last paid RM730 to clear his account. His personal account has been credited but the cheque has not yet passed through the cash book.

vi. Purchases day book was under cast by RM450.

Required -

a) Prepare the journal entries to correct the above errors.

b) Prepare the suspense accounts.

c) Assume that the original net profit figure computed was RM67,480, calculate the revised net profit figure.