Question

Secondary School  Accountancy  5 points

The Trial Balance prepared by Dhanraj did not tally and the difference was transferred to Suspense Account. Subsequently, the following errors were found. Rectify the errors and show the suspense Account. Also explain the effect of rectifying errors on the profits.
a) A sale of Rs. 1600 to Kamalnath was posted to Karunanath. b) Insurance paid amounting to Rs 250 was posted twice. c) A sale of Rs 1500 for old machinery was passed through the sale book. d) A purchase of Rs. 600 from Kamesh was not passed through the books. e) Rs. 80, the debit balance on commission account was omitted from the trial balance. f) The purchase returns book was undercast by Rs 700.​

Answer 1

Explanation:

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