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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 Goods withdrawn for personal use Rs 1,000 were not recorded in the books.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
wife's loan to the business...what effect on trial balance???
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.
credit sales to manas RS.16000 was recorded in the purchases book RS.10000 and posted to the debit off manas
why do we open suspense a/c?
Gyan Prakash started his business with the following assets and liabilities:
Jan 1 Cash in hand Rs 20000
Stock in hand Rs 25000
Debtors: Khanna Bros. Rs 20000
Nirman & Co. Rs 15000
Creditors: Kripal Bros. Rs 10000
Mitra Sen & Co. Rs 5000
His transactions for the month were:
Jan. 2 Sold goods to Karmarkar subject to a trade discount of 10% Rs 10000
Jan. 4 Received from Nirman & Co. Rs 14500 and discount allowed Rs 500
Jan. 6 Settled Mitra Sen & Co.’s account deducting 5% for cash discount
Jan. 10 Purchased stationery articles Rs 100
Jan. 12 Paid rent for the month Rs 250.
Jan. 13 Bought goods of S.K. & Co. Rs 30000
Jan. 16 Paid Kripal Bros. in full settlement of account Rs 9500
Jan. 20 Withdrew cash for personal expenses Rs 500
Jan. 24 Issued a credit note to Mr. Karmarkar for the goods damaged in transit Rs 1000
Jan. 26 Returned goods to S.K. & Co. and received their credit note Rs 5000
Jan. 29 Paid S.K. & Co. on account Rs 10000 and discount allowed Rs 250
Jan. 29 Cash sales Rs 20000
Jan. 31 Paid salaries Rs 1500
Prepare a trial balance from the above transactions.
The answer given in the book is : Total of Trial Balance Rs 114750
Difference between trial balance and balance sheet.
Rajesh kumar was unable to reconcile his trial balance on 31 march 2008 and has opened a suspense accoumt from the difference. later on the following errors were discovered:
1. there were 3 compensating errors:-
a)the total of sales return book was overcast by rs. 100
b) the total of one page of purchase book was carried forward as 1286 instead of 1826.
c)goods purchasedfrom C for rs 400 was debited to his account as rs. 40
2. rs.425 paid for wages to workmen for making office table were debited to wages account.
3. rent paid rs 1500 were posted to credit of rent account as rs150
4. cash received from ghanshyam rs 500 was correctly recorded in cash book but were posted to his account as rs 50
5. rs 720 paid to kamal has been debited to kamlesh a/c as 520
6. the total of purchase return book 2500 was left unposted.
pass rectifying entries and prepare suspense a/c.
Gyan Prakash started his business with the following assets and liabilities :
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.
One item of purchase of Rs. 25 has been posted from the purchase book to the ledger as Rs. 350 ?
What will be its rectifying entry and how ?
how to do the rectification errors with suspense account...
1 Closing stock has been under valued by rs 300
2 Credit purchases frm M Co rs 6000 were recorded in sales book as rs 2000 nd posted therefrm to the credit of M Co as rs 1000
3 Cash paid to mani rs 5000 against our acceptance was debted to manu
4 Credit sales to Raman rs 4000 posted to the credit of Raghvan as rs 1000
Plz rectify them nd explain them also
are the different types of errors that are usually committed in
recording business transaction?
Rs 3000 received from a customer as an advance against order was credited to sales a/c
Give two examples of errors of principle?
Goods sold of the value RS. 2000 was returned by Vera was entered in sales day book and posted to the credit of this account . Is this a double sided or a single sided error , will there be suspense acc involved , explain and provide the rectifying entry
what is suspense account ?
what is the rectification entry of undervaluation of closing stock
what do u mean by debit balance/creditbalance of suspense account
1.Question- Credit sales to mohan Rs.7000 were posted as Rs.9000.
Answer- Mohan AC Dr 2000
to Suspense AC 2000
(being credit sales to mohan Rs.7000 wrongly posted as Rs.9000, now corrected)
my question is, why suspense ac is credited?
2.Question- Credit sales to mohan Rs.7000 were posted to the credit of his account.
i need answer as well as explanation for the above question. plz sirmam
rectify...credit purchase from raghu rs 20000
1 ) were posted to debit of raghu's a/c
2 )were posted to debit of raghavs a/c
what is the wrong entry correct entry and rectification for the following transaction
payment side of cash book was overcast by 5000
ITS URGENT... PLZ help me by giving correct entry and wrong entry as well....
Rectify the following errors:
1. Cash sales to Suresh Rs.1000 has been recorded in sales book.
2. Purchase of goods worth Rs. 800 from Vineet on credit basis has been recorded in cash book.
3. A cheque for Rs.100 received from Hari had been dishonoured and had been posted to the debit of sales returns account.
Plz help me....
stationary account is Debit or Credit? and why?
Rectify the errors
A cash sale of RS.1700 was posted to the credit of meena
what is trial balance
balance of Khatau did not agree. He put the difference to suspense account and
discovered the following errors:
sales to Manas Rs 16,000 were recorded in the purchases book as Rs 10,000 and
posted to the debit of Manas as Rs 1,000.
purchased from Noor Rs 6,000 was recorded through purchases book as Rs 5,000
and posted to the debit of Noor Rs 2,000.
returned to Rai Rs 3,000 recorded through the Sales book as Rs 1,000.
machinery sold for Rs 2,000 to Maneesh recorded through sales book as Rs 1,800
and posted to the credit of Manish as Rs 1,200.
of Returns inwards book Rs 2,800 posted to Purchase account.
the above errors and prepare suspense account to ascertain the difference in
Plz help me.....
1)Rectify the following errors with correct and wrong entry..
1. A bill receivable for Rs. 300 received from Shohan was passed through the bills payable book.
2. An amount of Rs. 236 due from Lalta prasd which had been written off as a bad debt in a previous year was unexpectedly recovered and had been posted to the personal a/c of Lalta prasad.
2) Rectify the following errors with suspence a/c..
1. The monthly total of returns inwards book Rs. 400 was nat posted.
2. An item of Rs. 45 has been debited to a personal a/c as Rs. 54.
3. The total of the discount column on the debit side of cash book has been added short by Rs. 40.
PLZ PLZ help me in solving this......
explain the objectives of trial balance
Goods worth Rs. 130 returned by G, were entered in sales book and posted there from to the credit side of G's [ersonal a/c.
the following errors:
book overcast by Rs 700.
book overcast by Rs 500.
return book overcast by Rs 300.
return book overcast by Rs 200.
the following errors assuming that suspense account was opened.
the difference in trial balance.
sales to Mohan Rs 7,000 were recorded in Purchase Book. However, Mohan’s
account was correctly debited.
purchases from Rohan Rs 9,000 were recorded in sales book. However, Rohan’s
account was correctly credited.
returned to Rakesh Rs 4,000 were recorded in sales return book. However,
Rakesh’s account was correctly debited.
returned from Mahesh Rs 1,000 were recorded through purchases return book.
However, Mahesh’s account was correctly credited.
returned to Naresh Rs 2,000 were recorded through purchases book. However,
Naresh’s account was correctly debited.
Journalise the following transactions and prepare cash book Post these in into ledger and prepare a trial balanace.
Jan1. commenced business with cash = 5000
Jan3. deposited in bank = 3000
Jan4. bought of X,Y and co. Furniture = 500
Jan5. bought of A goods = 1000
Jan6. sold to B goods = 600
Jan7. recieved cash from B = 190
allowed him discount = 10
Jan10. B in declared insolvent . A first composition of 25P. in a ruppee is recieved
Jan12. bought of C goods = 1200
Jan13. sold to D goods for cash = 500
Jan15. Paid A cash = 980
Discount allowed = 20
Jan17. withdrew from bank = 1000
Jan19. Paid C cash = 1150
discount allowed = 50
Jan22. recived second and final composition of 25P. from B
Jan25. Bought of Fgoods for cash = 70
Jan28. Paid for stationery = 50
Jan31. provide depreciation on furniture at 1% p.m.
Jan31. Interest on Capital at 1/2% p.m.
Jan31. Salary due to clerk = 150
how to prepare trial balance using total cum balancing method
please help me in this..c) Goods distributed as free sample Rs 400 were recorded as Rs 4000.
the rectifying entry will be Purchase a/c dr.3600 To Advertising a/c 3600
I wan to ask why the purchase a/c is debited in this Entry
what is trial balance?list various entries of debit and credit side of trial balance?
Can u pl explain the difference between balance sheet and trial balance
what is redrafting of trial balance
Prepare Bank Reconciliation Statement of Mohan as on 31 March 2011 from the following information:-
a) Balance as per passbook (Debit) Rs. 31700
b) Bank collected a cheque of Rs. 3200 on behalf of Dhiraj but wrongly credited to Mohan Account.
c) withdrawal column of cash book was undercast by Rs 870.
d) Cheque of Rs. 6782 deposited into bank was recorded as Rs. 8762 in pass book.
e) A cheque of Rs. 9000 collected from Megha was debited in the pass book.
f) pass book showed a credit for a cheque amounting Rs 6800 deposited by Dhiraj.
g) Cheque of Rs. 5100 issued to Divya was recorded twice in the Pass book.
h) A cheque of Rs 6400 deposited was taken in the Cash column. (answer: Rs 26110 credit balance as per cash book) Given as per my book.
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