Question

The following errors have been discovered after the difference in books was put to a newly
opened Suspense Alc. The Trial Balance had * 256 excess credit.
A sum of * 162 written off fixture as depreciation has not been posted to Depreciation Alc.
(i1,000 paid for a machinery purchased had been charged to ordinary Purchases Ale.
(ii) A discount of 51 allowed to a customer has been credited to Customer's A/c ? 15.
(iv) An item of sale for 680 was posted as * 860 in Sales Alc.
(v) Total of the Discount column of the credit side of the Cash Book for 25 was posted to the
debit of Discount Allowed A/c.
Rectify the above errors and show the Suspense A/e. Also show the effect of each correction of
the profit or loss.
aste of Errors/Rectifying Entries on Profit and Loss Account​

Answer 1

Answer:

1 machinery account ----- Dr

to purchase account