Suspense Account - Warming up

DO NOT THINK this is the final exam questions. Just attempt this to enhance and sharpen your skills.

SUSPENSE ACCOUNT

Balance as per trial balance RM2,400 (Dr)

1. Sales were undercast by RM800
2. Remittance of RM1,700 received from Ali, a debtor, was mistakenly credited in a creditor’s account, also by the name of Ali
3. Purchased from Mydin RM3,600 and no records have been found in any of the books
4. Payment of electricity to Pos Malaysia RM120 cash was posted as RM210 in the expenses ledger
5. Purchases were overcast by RM1,000
6. Discounts received of RM450 was posted into a discounts received account
7. Depreciation of a machine of RM1,000 was omitted in the expense account
8. Payment of cheque to Ahmed RM1,500 was recorded in Ahmad’s account
9. Payment of wages to part timers RM900 was recorded as RM600 in wages account

The net profit for the year was recorded as RM27,410.

Required:

1. Journal entries for each of the transaction
2. Suspense accounts

Statement of corrected net profit for the year.