How will be the following errors rectified? Sales Book is short casted by ₹ 20,000
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How will be the following errors rectified? Purchases Book is overcasted by ₹ 10,000
Solution:- i) As the Purchase book is wrongly casted (totaled) more by ₹ 20,000. Thus Purchase book is credited by ₹ 20,000. It will be rectified by giving a note on the credit side of Purchase A/c as under “By…
Following balances appear in the books of Kaushal Traders as on 1st April, 2022:
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Bharat Stores purchased on 1st July, 2020 machinery costing ₹ 30,000. It further purchased machinery on 1st January, 2021 costing ₹ 20,000 and on 1st October, 2021 costing ₹ 10,000
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On 1st October, 2020, Rahul Traders purchased a machine for ₹ 25,000 on which he spent ₹ 5,000 for carriage and freight; ₹ 1,000 for brokerage of the middle-man, ₹ 4,000 for installation
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Gurman & Co. purchased machinery for ₹ 40,000 on 1st October, 2020. Depreciation is provided @ 10% p.a. on the Diminishing Balance
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On 1st April, 2020, a machinery was purchased for ₹ 20,000. On 1st October, 2021, another machine was purchased for ₹ 10,000 and on 1st April, 2022, one more machine was purchased for ₹ 5,000
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A company purchased a machine for ₹ 50,000 on 1st October, 2020. Another machine costing ₹ 10,000 was purchased on 1st December, 2021
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Shyam purchased on 1st April, 2021, a machine for ₹ 6,000. On 1st October, 2021, he purchased another machine for ₹ 5,000
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The original cost of furniture amounted to ₹ 4,000 and it is decided to write off 5% on the original cost as Depreciation at the end of each year
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