Page 314 - Accountancy_F5

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Lavida Cosmetics trial balance as at 30 June 2021

Dr Cr
Names of Account TZS. “000” TZS. “000”
Capital - 60,434
FOR ONLINE READING ONLY
Inventory 25,120
Receivables 25,760 -
Payables and accruals - 13,122
LANGUAGE EDITING
Bank 7,508
Cash 2,000 -
LANGUAGE EDITING
Sales - 181,120
Returns inwards 750 -
Purchases 145,348 -
Carriage inwards 1,948 -
Wages 9,368 -
Rent and postage expenses 6,400 -

Travel and accommodation expenses 764 -
Telephone expenses 1,498 -
General expenses 1,706 -
Drawings 1,506 -
Suspense account 25,000 -
254,676 254,676

Additional information
(a) Lavida cosmetics’ inventory as at 30 June 2021 was TZS 23,750,000.
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(b) Lavida cosmetics has discovered the following errors:
(i) An invoice for carriage inwards was posted to the returns inwards account
TZS 528,000.
(ii) A credit invoice for TZS 1,120,000 was posted as TZS 1,300,000.

(iii) A cash purchase of TZS 100,000 was omitted.
Required: prepare

(i) A rectified trial balance after correction of errors.

(ii) Based on the corrected trial balance, prepare the income statement for the
year ended 30 June 2021 and a statement of financial position as at 30
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June 2021.

Student’s Book Form Five
301

23/06/2024 17:36
ACCOUNTANCY_DUMMY_23 JUNE.indd 301
ACCOUNTANCY_DUMMY_23 JUNE.indd 301 23/06/2024 17:36