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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 Goods withdrawn for personal use Rs 1,000 were not recorded in the books.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
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.
how to do the rectification errors with suspense account...
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.
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 ?
What are the different types of errors that are usually committed in recording business transaction?
stationary account is Debit or Credit? and why?
Give two examples of errors of principle?
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
what is suspense account ?
what is the rectification entry of undervaluation of closing stock
payment side of cash book was overcast by 5000
what do u mean by debit balance/creditbalance of suspense account
Gyan Prakash started his business with the following assets and liabilities:
2012
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
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....
Trial balance of Khatau did not agree. He put the difference to suspense account and discovered the following errors:
(a)
Credit 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.
(b)
Furniture 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.
(c)
Goods returned to Rai Rs 3,000 recorded through the Sales book as Rs 1,000.
(d)
Old 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.
(e)
Total of Returns inwards book Rs 2,800 posted to Purchase account.
Rectify the above errors and prepare suspense account to ascertain the difference in trial balance.
what is trial balance
Rectify the errors
A cash sale of RS.1700 was posted to the credit of meena
explain the objectives of trial balance
Rectify ,
credit sales to manas RS.16000 was recorded in the purchases book RS.10000 and posted to the debit off manas
Rectify the following errors assuming that suspense account was opened.
Ascertain the difference in trial balance.
Credit sales to Mohan Rs 7,000 were recorded in Purchase Book. However, Mohan’s account was correctly debited.
Credit purchases from Rohan Rs 9,000 were recorded in sales book. However, Rohan’s account was correctly credited.
Goods returned to Rakesh Rs 4,000 were recorded in sales return book. However, Rakesh’s account was correctly debited.
Goods returned from Mahesh Rs 1,000 were recorded through purchases return book. However, Mahesh’s account was correctly credited.
Goods returned to Naresh Rs 2,000 were recorded through purchases book. However, Naresh’s account was correctly debited.
Sales book overcast by Rs 700.
Purchases book overcast by Rs 500.
Sales return book overcast by Rs 300.
Purchase return book overcast by Rs 200.
Journalise the following transactions and prepare cash book Post these in into ledger and prepare a trial balanace.
2006 Rs.
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
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Syllabus
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.
A) Bill for Rs.820 received from Rameshfor repair of machinery was entered in the Purchases Book as Rs.720.
How do you rectify this one?what was the wrong entry,what is the correct entry and what should the rectified entry be?
how to do the rectification errors with suspense account...
A cheque for 1000 received from Manmohan was dishonoured and had been posted to the debit of the sales return account.
Please show the wrong and right entry too.
Later on the following errors were discovered. Pass rectifying entries and prepare Suspense A/C.
1. Purchases book was overcast by 100.
2. Sales book was overcast by 1,000.
3. Goods for 800 purchased from Umakant, though entered in the purchase book, has not been posted
to his account
4. An amount of 500 has been posted to the credit side of commission account instead of 570.
5. Goods sold to Bharti for 4,400 has been posted to her account as 4,000.
6. Goods sold to X for 750 were recorded in purchase book
i)A credit item of Rs.349 has been debited to a Personal Account as Rs.439
Please explain how to do it.Please give the wrong entry,the correct entry,and the rectified entry.Thanks!
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.
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 ?
What are the different types of errors that are usually committed in recording business transaction?
stationary account is Debit or Credit? and why?
Give two examples of errors of principle?
i)A discount allowed to a customer has been credited to him as Rs.145 in place of Rs.154.
Please explain how to do it.Please give the wrong entry,the correct entry,and the rectified entry.Thanks!
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
what is suspense account ?
what is the rectification entry of undervaluation of closing stock
payment side of cash book was overcast by 5000
what do u mean by debit balance/creditbalance of suspense account
1. a sum of Rs. 460 owed by Hari had not been included in the list of debtors.
2. an amount of Rs. 500 due from Ramesh which had been written off as bad debt in previous year was recovered and had been posted to the personal account of Ramesh.
Gyan Prakash started his business with the following assets and liabilities:
2012
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
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....
Trial balance of Khatau did not agree. He put the difference to suspense account and discovered the following errors:
(a)
Credit 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.
(b)
Furniture 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.
(c)
Goods returned to Rai Rs 3,000 recorded through the Sales book as Rs 1,000.
(d)
Old 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.
(e)
Total of Returns inwards book Rs 2,800 posted to Purchase account.
Rectify the above errors and prepare suspense account to ascertain the difference in trial balance.
what is trial balance
Rectify the errors
A cash sale of RS.1700 was posted to the credit of meena
explain the objectives of trial balance
1.Rs 3000 paid to MohanLal for salary were debited to his personal account.
2. A builder's bill for rs 5000 for erection of a small cycle shed was debited to repairs account.
3. An amount of Rs 600 due from Harish Bros. which has been written off ad bad debts in previous year, was unexpectedly recovered, and has been credited to the personal a/c of harish Bros.
2.Why fixed assets are shown in the books at market price ? Justify your answer.
Rectify ,
credit sales to manas RS.16000 was recorded in the purchases book RS.10000 and posted to the debit off manas
Rectify the following errors assuming that suspense account was opened.
Ascertain the difference in trial balance.
(a)
Credit sales to Mohan Rs 7,000 were recorded in Purchase Book. However, Mohan’s account was correctly debited.
(b)
Credit purchases from Rohan Rs 9,000 were recorded in sales book. However, Rohan’s account was correctly credited.
(c)
Goods returned to Rakesh Rs 4,000 were recorded in sales return book. However, Rakesh’s account was correctly debited.
(d)
Goods returned from Mahesh Rs 1,000 were recorded through purchases return book. However, Mahesh’s account was correctly credited.
(e)
Goods returned to Naresh Rs 2,000 were recorded through purchases book. However, Naresh’s account was correctly debited.
Rectify the following errors:
(a)
Sales book overcast by Rs 700.
(b)
Purchases book overcast by Rs 500.
(c)
Sales return book overcast by Rs 300.
(d)
Purchase return book overcast by Rs 200.
Journalise the following transactions and prepare cash book Post these in into ledger and prepare a trial balanace.
2006 Rs.
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