solution for D.K Goel
WHAT DOES UNDERCAST & OVERCAST MEAN.
Give the rectification journal entries for the following transaction:
1. A builder's bill for Rs 50,000 for creation of small shed for car parking was debited to repairs a/c.
2. Purchase of goods from Vinod amounting to Rs 6,000 has been wrongly passed through sales book.
3. An amount of Rs 3,600 due from vrinda , which had been previously written off as bad debt , was unexpectedly recovered , and has been posted to personal account of vrinda.
4. A cheque of Rs 5,500 received from ridhi was dishonoured and had been posted to the debit of sales return a/c .
5. Goods withdrawn for personal use Rs 1,000 were not recorded in the books.
how to prepare trial balance? please give example
why in trial balance closing stock is not recorded
what is the format of the trial balance???
Pass journal entries to rectify the following errors:
(a). rent for residential accommodation of Rs. 1500 debited to rent account.
(b). Rs. 200 recieved from rao were credited to rai.
(c). construction of a new shed costing rs. 13000 debited to building repairs account.
(d). an amount of rs.180 recieved on account of interest was credited to the commission account.
why do we open suspense a/c?
Difference between trial balance and balance sheet.
Gyan Prakash started his business with the following assets and liabilities :
2005
Jan1. Cash in hand = 20000
Stock in hand = 25000
Debtors: Khanna Bros. = 20000
Nirman & co. = 15000
Creditors: Kripal Bros = 10000
Mitra Sen & co. = 5000
His transactions for the month were :
Jan2. Sold goods to karmarkar subject to a trade discount of 10% = 10000
Jan4. recieved from nirman & co.= 14500
discount allowed = 500
Jan6. settled mitra sen & co.'s account deducting 5% for cash discount
Jan10. purchased stationery articles = 100
Jan12. paid rent for the month = 250
Jan13. bought goods from S.K & co. = 30000
Jan16. Paid kripal bros. in full settlement of account = 9500
Jan20. withdrew cash for personel expenses = 500
Jan24. issued a credit note to mr. karmarkar for the goods damaged in transit = 1000
Jan26. returned goods to S.K. & co. and recieved their credit note
Jan29. Paid S.K. & co. on account = 10000
discount allowed = 250
Jan 29. cash sales = 20000
Jan31. paid salaries = 1500
enter the above transactions in the journal of gyan prakash . post them into ledger and prepare a trail balance.
solution for D.K Goel
WHAT DOES UNDERCAST & OVERCAST MEAN.
Give the rectification journal entries for the following transaction:
1. A builder's bill for Rs 50,000 for creation of small shed for car parking was debited to repairs a/c.
2. Purchase of goods from Vinod amounting to Rs 6,000 has been wrongly passed through sales book.
3. An amount of Rs 3,600 due from vrinda , which had been previously written off as bad debt , was unexpectedly recovered , and has been posted to personal account of vrinda.
4. A cheque of Rs 5,500 received from ridhi was dishonoured and had been posted to the debit of sales return a/c .
5. Goods withdrawn for personal use Rs 1,000 were not recorded in the books.
how to prepare trial balance? please give example
why in trial balance closing stock is not recorded
what is the format of the trial balance???
Pass journal entries to rectify the following errors:
(a). rent for residential accommodation of Rs. 1500 debited to rent account.
(b). Rs. 200 recieved from rao were credited to rai.
(c). construction of a new shed costing rs. 13000 debited to building repairs account.
(d). an amount of rs.180 recieved on account of interest was credited to the commission account.
1) Sold goods to Saurabh of the list price of ? 1,00,000 Less trade discount of 10% with CGST and
SGST @ 6% each, allowed cash discount 5%.
2) Purchased machinery from jalaj machine tools, Kolkata ? 5,00,000.
3) Electricity expenses for office ? 7,000 and for the residence of proprietor ? 3,000 paid by cheque from
firm bank account.
4) Mukesh a debtor for ? 50,000 has become insolvent and ? 0.50 in rupee is received.
why do we open suspense a/c?
pass the rectification entry for the above transaction.
Difference between trial balance and balance sheet.
Gyan Prakash started his business with the following assets and liabilities :
2005
Jan1. Cash in hand = 20000
Stock in hand = 25000
Debtors: Khanna Bros. = 20000
Nirman & co. = 15000
Creditors: Kripal Bros = 10000
Mitra Sen & co. = 5000
His transactions for the month were :
Jan2. Sold goods to karmarkar subject to a trade discount of 10% = 10000
Jan4. recieved from nirman & co.= 14500
discount allowed = 500
Jan6. settled mitra sen & co.'s account deducting 5% for cash discount
Jan10. purchased stationery articles = 100
Jan12. paid rent for the month = 250
Jan13. bought goods from S.K & co. = 30000
Jan16. Paid kripal bros. in full settlement of account = 9500
Jan20. withdrew cash for personel expenses = 500
Jan24. issued a credit note to mr. karmarkar for the goods damaged in transit = 1000
Jan26. returned goods to S.K. & co. and recieved their credit note
Jan29. Paid S.K. & co. on account = 10000
discount allowed = 250
Jan 29. cash sales = 20000
Jan31. paid salaries = 1500
enter the above transactions in the journal of gyan prakash . post them into ledger and prepare a trail balance.