Section B: Financial Accounting Practice
Question 5
- (a) write up journal entries to correct the errors
(bi) show the corrected net profit
In this question, candidates were required to write up journal entries to correct the errors in question (a) and prepare statement to show the corrected net profit in question (b).
Comment
Majority of the candidates attempted this question but only few of them performed very well. Some of the candidates prepared suspense account instead of preparing the statement to show the net profit as requested by the examiner.