Question

ME
ME
Panoramic Education
17. A merchant's trial balance as on June 30, 2017 did not agree. The difference was put to a Suspense Account. During
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the next trading period, the following errors were discovered:
(0) The total of the Purchases Book of one page, Rs.4,539 was carried forward to the next page as Rs.4,593.
(ii) A sale of Rs.573 was entered in the Sales Book as Rs.753 and posted to the credit of the customer.
(iii) A return to a creditor, Rs.510 was entered in the Returns Inward Book; however, the creditor's account was
correctly posted.
(iv) Cash received from C. Dass, Rs.620 was posted to the debit of G. Dass.
(v) Goods worth Rs.840 were despatched to a customer before the close of the year but no invoice was made
out.
(vi) Goods worth Rs. 1,000 were sent on sale or return basis to a customer and entered in the Sales Book. At the
close of the year, the customer still had the option to return the goods. The sale price was 25% above cost.
You are required to give journal entries to rectify the errors in a way so as to show the current year's profit or loss
correctly.
18. M/s. Prabha Pharmaceuticals has imported a machine on 1st July 2014, for pound 8,000. Paid custom duty and freight
Rs. 80,000 and incurred erection charge Rs.60,000. Another local machinery costing Rs.1,00,000 was purchased on 1st
bunun ano third) got out of order and was sold for

Answer 1

Answer:,

Explanation: