Pass the following entry in BPTB, APTB and APFA stages: Discount allowed and received during the year of Rs 1200 - Accountancy - Trial Balance and Rectification of Errors

Question

Pass the following entry in BPTB, APTB and APFA stages: Discount
allowed and received during the year of Rs 1200 and Rs 2100
recorded in discount accounts reversely

Neha Arora · Accepted Answer

Dear Student,

(a) Before preparing the Trial
Balance

Discount Allowed
A/c

Dr

Cr

Particulars
Amount
(Rs)
Particulars
Amount (Rs)

Error in Posting
900

Discount Allowed
A/c

Dr

Cr

Particulars
Amount
(Rs)
Particulars
Amount (Rs)

Error in Posting
900

Journal

Particulars
L F
Debit
Amount
(Rs)
Credit
Amount
(Rs)

(b) After preparing the Trial
Balance

Suspense A/c
Dr

1,800

To Discount Allowed A/c

900

To Discount Received A/c

900

(Discount allowed and received reversely
posted, now rectified)

(c) After preparing the Final
Accounts

Suspense A/c
Dr

1,800

To Profit and Loss Adjustment
A/c

1,800

(Discount allowed and received reversely
posted, now rectified)

Discount Allowed A/c
Dr.			Cr.
Particulars	Amount (Rs)	Particulars	Amount (Rs)
		Error in Posting	900

Discount Allowed A/c
Dr.			Cr.
Particulars	Amount (Rs)	Particulars	Amount (Rs)
		Error in Posting	900

Journal
Particulars		L.F.	Debit Amount (Rs)	Credit Amount (Rs)

*(b) After preparing the Trial Balance*
Suspense A/c	Dr.		1,800
To Discount Allowed A/c				900
To Discount Received A/c				900
(Discount allowed and received reversely posted, now rectified)

*(c) After preparing the Final Accounts*
Suspense A/c	Dr.		1,800
To Profit and Loss Adjustment A/c				1,800
(Discount allowed and received reversely posted, now rectified)

Pass the following entry in BPTB, APTB and APFA stages: Discount allowed and received during the year of Rs.1200 and Rs.2100 recorded in discount accounts reversely