Question

Rectify the following errors. Calculate the difference in the Trial Balance. Prepare Suspense

account and find out the effect of these errors on net Profit.

a) An item of Rs.300 relating to prepaid rent account was omitted to be brought forward.

b) Purchased good from Narayan Rs.600, passed through sales book.

c) Received a Bill of exchange from Anand for Rs.1,000 and passed it through sales book.

d) Rs.1,000 paid to Mala against our acceptance wad debited to Malar account.

e) Bills received from Jolly for repairs done to T.V. Rs.300 and T.V. supplied for Rs.1,900 was

entered in the purchases book as Rs.2,000.

f) Received final dividend of Rs.400 from Ajay whose account had already been written off as

bad debt, was credited to his newly opened account and was included in the list of creditors.​

Answer 1

Answer:

A Bank's Balance Sheet. A balance sheet is an accounting tool that lists assets and liabilities. ... The net worth is the asset value minus how much is owed (the liability). A bank's balance sheet operates in much the same way. A bank's net worth is also referred to as bank capital.

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