a) You are given below a draft trial balance for Shafer Company. The trialbalance has some errors.Shafer CompanyTrial BalanceFor the Quarter Ended March 31, 2017Debit (Sh) Credit (Sh)Cash 28,000Accounts Receivable 32,000Prepaid Insurance 2,500Equipment 60,000Accounts Payable 15,000Unearned Service Revenue 10,000Notes Payable 20,000Capital 30,000Retained Earnings 27,000Dividends 1,500Service Revenue 52,000Salaries and Wages Expense 15,000Utilities Expense 5,000Rent Expense 10,000150,500 150,500Required:Prepare a corrected trial balance for Shafer Company. All accounts should have anormal balance. (6 marks)

RONDO CORPORATIONBalance SheetsDecember 31  2017 2016Cash  $ 5,300  $ 3,700Accounts receivable  21,200 23,400Inventory  9,000 7,000Land  20,000 26,000Buildings 70,000 70,000Accumulated depreciation—buildings  -15,000 -10,000Total  $110,500  $120,100Accounts payable  $ 10,370  $ 31,100Common stock 75,000 69,000Retained earnings  25,130 20,000Total  $110,500  $120,100 Rondo’s 2017 income statement included net sales of $120,000, cost of goods sold of $70,000, and net income of $14,000.Compute the below mentioned financial ratios  for 2017.Current ratioa.3.42b.5.44c.2.43d.3.6Clear my choiceQuestion 3Not yet answeredMarked out of 3.00Flag questionQuestion textAccounts receivable turnovera.8.5b.4.36c.5.38d.4.99Clear my choiceQuestion 4Not yet answeredMarked out of 3.00Flag questionQuestion textReturn on common stockholders’ equitya.15.10%b.13.90%c.13.30d.14.80%Clear my choiceQuestion 5Not yet answeredMarked out of 3.00Flag questionQuestion textDebt to assets ratioa.8.50%b.9.40%c.7.90%d.10.10%Clear my choiceQuestion 6Not yet answeredMarked out of 3.00Flag questionQuestion textReturn on assets.a.11.80%b.13.10%c.12.10%d.11.50%Clear my choice

You've been provided with the following Trial BalanceCalculate TOTAL ASSETSCash 25,450Accounts Receivable 25,500Inventory 85,000Prepaid Expenses 4,950Motor vehicle 68,000Equipment 155,000Accounts Payable 35,000Unearned Revenue 8,000Wages Payable 15,000Bank Loan 50,000Share Capital 235,000Retained Earnings 10,000Dividends -5,000Revenue 53,650Cost of Sales -12,450Wages Expense -15,000Interest expense -2,500Marketing expense -2,800Insurance expense -5,000

The trial balance extracted from the books ofTim on 31/12/2020 is as follows.Dr. Cr.Kshs. Kshs.Capital 217,500Land and building 150,000Equipment at cost 37,500Depreciation provision for equipment 15,000Fitting at cost 37,500Depreciation provision fittings 17,250Stock 21,375Salaries and wages 57,750Purchases 225,000Administrative expenses 30,000Cash in bank 37,500Cash at hand 7,500Debtors 37,500Creditors 21,375CUEA/ACAD/EXAMINATIONS/DIRECTORATE OF EXAMINATIONS & TIMETABLING Page 3ISO 9001:2015 Certified by the Kenya Bureau of Standards.Sales 375,000Carriage out ward 1,500Carriage inward 750Return inward 1,125Return out ward 1,400Discount allowed 2,250Discount received 1,225Bad debts written 1,500Total 648,750 848,750Additional informationi) Closing stock was valued at kshs30,000ii) Wages paid in advance shs2000iii) Administrative expenses outstanding shs 1500iv) Depreciation to be charged 10% on cost of equipment and 5% on cost of fittings.v) 5% provision for doubtful debts .Required;i) Trading profit and loss account for the period ending 31/12/20 (13 Marks)ii) Balance sheet as at 31/12/20

You have extracted a trial balance and drawn up accounts for the year ended 31 December 2023. There was a shortage of Sh 78 on the credit side of the trial balance, a suspense account being opened for that amount. During 2023 the following errors made in 2022 were found: (i) Sh 125 received from sales of old office equipment has been entered in the sales account. (ii) Purchases day book had been overcast by Sh 10. (iii) A private purchase of Sh 140 had been included in the business purchases. (iv) Bank charges Sh 22 entered in the cash book have not been posted to the bank charges account. (v) A sale of goods to Lamibo Sh 230 was correctly entered in the sales book but entered in the personal account as Sh 320. (a) Identify the type of errors (Write one from: one of the six/not one of the six) and where it is one of the six, give the specific name (Select one from: "principle", "commission", "omission", "original", "reversal", "compensating", or "not applicable"). Error Type of error Name of error (i) (ii) (iii) (iv) (v) (b) If the net profit originally calculated for 2023 was Sh 28,400, the net profit after corrections will be

The trial balance of Gayathri business on 2021.12.31 is as follows.Rs. ‘000’Details Debit CreditCash and cash equivalentsStock on 31.12.2021Bonus payment for sales employeesInsuranceTrade payableCapitalBank loan interest20% Bank loanElectricity chargeMotor vehicle repairOther expensesAccumulated depreciation on 2021.01.01Property, plant and equipment – cost on 2021.01.01Trade receivableOther administrative expensesProvision for doubtful debt on 2021.01.01Office rentTelephone chargeSalesCost of sales1504503007001006506501 22012 70080090030527010 0004008 7001 0003 02510015 97029 195 29 195Additional information:1. Details of accumulated depreciation of property, plant and equipment are as follows.Assets Cost Rs. ‘000’ Accumulateddepreciation Rs. ‘000’Motor vehicleOffice equipmentLand and building(Land cost Rs. 5 000)2 0001 0009 7006006251 80012 700 3 0252. In accordance with inventory records, cost value of stock on 31.12.2021 is Rs. 450 000. However, thegoods taken by Gayathri for her private need have not been recorded.3. Telephone charge not paid up to 31.12.2021 is Rs. 30 000.4. Property, plant and equipment are depreciated on straight line method. The details useful life time andresidual value are given below.Grade - 12 (2023) – 2023 FWC - 7 - Accounting- IAssets Useful life time Residual valueMotor vehicleOffice equipmentBuilding20 years10 years18 years---5. Other expenses include the following expenses.Fire loss Rs. 220 000Business fees Rs. 100 000Employee salary Rs. 400 0006. A new office equipment was purchased for Rs. 500 000 on 2021.07.01. This amount was erroneouslyrecorded in other administrative expenses. Life time of this equipment was estimated as 5 years andthere is no residual value.7. Rs. 100 000 should be written off from debtors and allowance for doubtful debt on 2021.12.31 shouldbe adjusted as 10% of closing trade receivable.8. Cash control account balance of the business on 2021.12.31 and bank statement balance on the samedate were different due to the following reasons.(a) Rs. 50 000 directly deposited by a debtor directly at bank was not recorded in the books.(b) Own life insurance premium of Gayathri paid from the business fund was not recorded in theaccounting books.(c) Bank overdraft interest Rs. 15 000 in bank statement was not recorded in the accounting booksup to 31.12.2021.Required,1. Profit or loss statement for the year ended 2021.12.312. Statement of financial position as at 2021.12.31