TheTrialBalance of Mr.Gupta as on 31st March,2019 did not agree and the difference was transferred to a Suspense Account. He, however, managed to locate and rectify
following errors before making the financial statements for the year:
(a) The total of one page of the Sales Day Book was carried forward to the next page
4,531 instead of 4,513
(b) The total of the Purchase Day Book was overcast by 400.
(c) Cash discount of R 150 received from Rahim was not posted to the discount received
account.
(d) 1,450 spent on the repairs of the delivery van was debited to Motor Vehicles Account
at 1,540.
(e) 300 received from N. Sahu was credited to the account of M. Saha.
(1) Goods worth R 700 returned to Roshan was omitted to be recorded in the books of
accounts.
(g) 211 rent paid to the landlord was credited to the landlord's Personal Account
(h) During the year, certain investments were sold for 8,500 at a profit of ? 500, but the
transaction was recorded in the Sales Account
(i) A credit purchase of < 17,890 from Ruby was posted as ? 19,870.
(1) The Payment side of the Cash Book was overcast by 100.
You are required to:
(i) Pass Journal entries to rectify the above-mentioned errors.
(plz answer fast i want it ..plz it's a request answer as soon as possible)
Answers
Answered by
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Answer:
Journal
Date
Particulars
L.F.
Debit
Amount
(Rs)
Credit
Amount
(Rs)
(i)
Suspense A/c
Dr.
10,000
To Purchases A/c
10,000
(Purchase book was overcastted by Rs 10,000, now rectified)
(ii)
Purchases Return A/c
Dr.
1,000
To Suspense A/c
1,000
(Purchase return book was overcastted by Rs 1,000, now rectified)
(iii)
Purchases Return A/c
Dr.
100
To Suspense A/c
100
(Purchase return book’s balance was carried forward in excess of Rs 100, now rectified)
(iv)
Suspense A/c
Dr.
1,000
To Purchases A/c
1,000
(Purchase book’s balance was carried forward in excess of Rs 1,000, now rectified)
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