17. There was a difference of ₹430 in a Trial Balance. It was placed on the Debit side of a Suspense A/c. Later on the following errors were discovered. Pass rectifying entries and prepare Suspense A/c. Purchases book was overcast by ₹100. Sales book was overcast by ₹1,000. Goods for ₹800 purchased from Umakant, though … Read more
16. Rectify the following errors assuming that Suspense Account was opened. Ascertain the difference in Trial Balance. (a) Credit sales to Mohan ₹7,000 were recorded in Purchase Book. However, Mohan’s Account was correctly debited. (b) Credit purchases from Rohan ₹9,000 were recorded in Sales Book. However, Rohan’s Account was correctly credited. (c) Goods returned to … Read more
15. Rectify the following errors which were detected before preparing the Trial Balance: (A) that no suspense account has been opened with difference in the trial balance, (B) that such a suspense account has been opened. Goods costing ₹800 purchased from Sachin on credit were omitted to be credited to his account. Goods costing ₹800 … Read more
14. Rectify the following errors assuming: (i) The total of Sales Book carried forward ₹5,000 less. (ii) A credit sale to Sita ₹6,300 posted as ₹3,600. (iii) A credit sale to Radha ₹2,400 posted as ₹4,200. (iv) A credit sale to Parbati ₹3,000 credited to her account. (v) A credit sale to Laxmi ₹5,600 credited … Read more
13. Rectify the following errors which were detected before preparing the Trial Balance: (i) Purchase book has been overcast by ₹1,000. (ii) Purchase from Ram ₹20,000 has been omitted to be posted to his account. (iii) Purchase from Shyam ₹15,000 has been posted to the debit side of his account. (iv) Purchase from Ghanshyam ₹10,000 … Read more
12. Pass rectifying entries: (i) ₹5,000 being the cost of a Radio purchased for the personal use of the proprietor has been debited to Radio account in the ledger. (ii) Goods taken by the proprietor for ₹1,000, has not been entered in the books at all. (iii) A cheque of ₹500 received from X was … Read more
11. Rectify the following errors: ₹4,500 spent on the extension of Buildings were debited to Repairs A/c. Wages paid to the firm’s own workmen ₹3,600 for the installation of a new machinery were posted to Wages Account. Contractor’s bill for the construction of a godown at a cost of ₹10,000 has been charged to ‘Repairs’ … Read more
10. Pass Journal Entries to rectify the following errors: (1) Machinery purchased for ₹5,000 has been debited to Purchases A/c. (2) ₹700 paid to Sh. Mohan Kapoor as Legal Charges were debited to his personal account. (3) ₹10,000 paid to Escorts Company for Machinery purchased stand debited to Escorts Company account. (4) Typewriter purchased for … Read more
9. Rectify the following errors: (a) Furniture purchased for ₹10,000 wrongly debited to Purchases Account. (b) Machinery purchased on credit from Raman for ₹20,000 was recorded through Purchases Book. (c) Repairs on machinery ₹1,400 debited to Machinery Account. (d) Repairs on overhauling of second-hand machinery purchased ₹2,000 was debited to Repairs Account. (e) Sale of … Read more
8. Rectify the following errors A sale of goods to Raja Ram for ₹2,500 was passed through the Purchases Book. Salary of ₹800 paid to Hari Babu was wrongly debited to his personal account. Furniture purchased on credit from Mohan Singh for ₹1,000 was entered in the Purchases Book. ₹5,000 spent on the extension of … Read more