There was a difference of ₹ 430 in a Trial Balance. It was placed on the Debit side of a Suspense A/c. Later on the following errors were discovered. Pass rectifying entries and prepare Suspense A/c
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Rectify the following errors assuming that Suspense Account was opened. Ascertain the difference in Trial Balance.
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Rectify the following errors assuming: that no suspense account has been opened with difference in the trial balance.
Solution (A):- (A) In all the above cases, rectification will be made by writing: (1) On the credit side of Sachin’s A/c: “By Omission of posting————-₹ 800.” (2) On the credit side of Sachin’s A/c: “By lesser amount posted to…
Rectify the following errors which were detected before preparing the Trial Balance: The total of Sales Book carried forward ₹ 5,000 less.
Solution:- (i) The rectification will be made by writing the following words on the credit side of Sales Account: “By undercasting of Sales Book——₹ 5,000.” (ii) The rectification will be made by writing the following words on the debit side…
Rectify the following errors which were detected before preparing the Trial Balance: Purchase book has been overcast by ₹ 1,000.
Solution:- (i) The rectification will be made by writing the following words on the credit side of Purchase Account. “By Overcasting of Purchase Book ———- ₹ 1,000” (ii) The rectification will be made by writing the following words on the…
Pass rectifying entries: ₹ 5,000, being the cost of a Radio purchased for the personal use of the proprietor has been debited to Radio account in the ledger.
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Rectify the following errors: ₹ 4,500 spent on the extension of Buildings were debited to Repairs A/c.
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Pass Journal Entries to rectify the following errors: Machinery purchased for ₹ 5,000 has been debited to Purchases A/c.
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Rectify the following errors: Furniture purchased for ₹ 10,000 wrongly debited to Purchases Account
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Rectify the following errors: A sale of goods to Ramakant for ₹ 10,000 was passed through the Purchases Book.
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