please answer the question(steps and answer)
Q1) Suspense a/c: $1450 (Cr.)
Gross pofit : $41400
Net profit : $7300
Working Capital : $16100 (Exclude the balance of suspense a/c)
Account payable in more than 1 year : $20000
Share Capital : $100000
Retained Profit : $14100
Errors:
a) Machinery costing $11000 purchased this year had been Debit to Repair a/c
b) Retuen Outward $650 ahd been debit to Purchase a/c.
c) postage $150 had been debit to postage a/c but no entry in cash book.
d) payment to creditor had been posted to purchase a/c not the creditor a/c but the bank was correctly credited.
e) payment od debtor A was posted to debtor B a/c but the bank was correctly entered.
f) depreciation of machinery is $5500 this year.
Required.
a) the suspense account.
b) correct figure of Gross profit, net profit and working capital.
Thanks!