Question

Rectify the following errors and open a suspense account:
(a) Rs. 350 paid for the purchase of new office fumiture charged to Office expenses
account.
(b) Goods worth Rs. 147 were purchased from Deepak Stores, but the latter's
account was actually debited with Rs. 174.
(c) The total of Sales Book is short by Rs. 500.
(d) Goods worth Rs. 960 were sold to Mr. Suri and an invoice was sent to him. The
invoice amount was debited to his account and entered in the Sales Book.
Later on it was found that the invoice was made only for Rs. 690.
The total for the discount column on the credit side of the Cash Book was short
by Rs. 15.
(f) An amount of Rs. 500 withdrawn by the proprietor for his personal use was
debited to Trade expenses Account.
(e) Rs. 90 was received on account of interest but was credited to commission​

Answer 1

Answer:

a)

Furniture A/C Dr. 350

To Office Expenses A/C 350

b)

Suspense A/C Dr. 321

To Deepak's A/C 321

c)

Suspence A/C Dr. 500

To SalesA/C 500

Also,

Suspence A/C Dr. 230

To SalesA/C 230

(since 270 already realised because of wrong invoice in below entry)

d)

Mr. Suri's A/C Dr. 270

To Sales A/C 270

e)

Suspense A/C Dr. 15

To Discount Received A/C 15

f)

Drawings A/C Dr. 500

To Trade Expenses A/C 500

g)

Commission A/C Dr. 90

To Interest A/C 90

Answer 2

Answer:suspense

Explanation: