What are the journal entries to correct the following errors?
1. In recording an issue of shares at par. Cah received of $18 was credited to ordinary share capital account as $15.
2. Cash $18 paid for plant repairs was correctly accounted for in the cash book but was credited to the plant asset account.
3. The petty cash book balance of $18 had been omitted from the trial balance.
4. A cheque for $18 paid for the purchase of a motor car was debited to the motor vehicles account as $ 15.
Suggested Solution:
| 1 | Debit | Suspense account | 3 | Credit | Ordinary Share | 3 |
| 2 | Debit | Plant Repair | 18 | |||
| Debit | Plant asset | 18 | Suspense account | 36 | ||
| 3 | Debit | Petty Cash | 18 | Credit | Suspense account | 18 |
| 4 | Debit | Motor Vehicle | 3 | Credit | Suspense account | 3 |