The books of account of A Co. Ltd for the year ending 31st December, 1996 were closed with a difference in books carried forward. The following errors were detected in 1997: (a) Returns Outward Book was undercast by Rs 150. (b) Rs 1,500 being the total of the discount column on the credit side of the Cash Book was not posted in General Ledger. (c) Rs 6,000 being the cost of purchase of office furniture was entered in the Purchase Account. (d). A credit sale of Rs 760 was wrongly posted as Rs 670 to the Customer's Account in the Sales Ledger. (e) Closing stock was overstated by Rs 9,000, being casting error in the schedule of inventory.
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The books of account of A Co. Ltd for the year ending 31st December, 1996 were closed with a difference in books carried forward. The following errors were detected in 1997: (a) Returns Outward Book was undercast by Rs 150. (b) Rs 1,500 being the total of the discount column on the credit side of the Cash Book was not posted in General Ledger. (c) Rs 6,000 being the cost of purchase of office furniture was entered in the Purchase Account. (d). A credit sale of Rs 760 was wrongly posted as Rs 670 to the Customer's Account in the Sales Ledger. (e) Closing stock was overstated by Rs 9,000, being casting error in the schedule of inventory.
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