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solution for D.K Goel
WHAT DOES UNDERCAST & OVERCAST MEAN.
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 ?
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 Goods withdrawn for personal use Rs 1,000 were not recorded in the books.
wife's loan to the business...what effect on trial balance???
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???
stationary account is Debit or Credit? and why?
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.
On 1st April, 2012, Mr. Ramesh Chopra commenced restaurant business with a capital Rs 10000, of which Rs. 2000 were paid into Punjab National Bank and Rs. 8000 were retained as cash. Prepare a trial balance as on 30th April, 2012:
April 2 Purchased goods at auction for cash Rs 7300
April 3 Bough furniture and fitting for cash Rs 380.
April 4 Sold wine to Brown on credit Rs 70
April 5 Purchased goods from Lalit & Co. Rs 280.
April 8 Drew from bank cash for office Rs 250.
April 10 Paid Lalit & Co. in full settlement Rs 270.
April 17 Bought for cash with Rs 100.
April 24 Received cash from Brown Rs 65 and discount allowed Rs 5.
April 25 Bought from Kanwal Kishan goods Rs 150.
April 26 Sold goods to Morarji Desai Rs 36.
April 28 Cash sales to date Rs 1290.
April 29 Paid salary for the month by cheque Rs 50.
April 29 Paid rent for the month by cheque Rs 100.
April 29 Paid general trade expense Rs 80.
April 30 Paid cash into bank Rs 1000.
April 30 Returned goods to Kanwal Kishan Rs 50.
April 30 Received back goods from Morarji Desai Rs 16.
The answer given in the book is: Total of trial balance Rs 11556. There is no typing mistake at all.
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 :
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.
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
how to do the rectification errors with suspense account...
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
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
are the different types of errors that are usually committed in
recording business transaction?
how to distinguish whether the given question is of one sided error or two sided error
Give two examples of errors of principle?
Will you rectify the following errors ?
(a). Rs. 900 paid for the telephone bill of the proprietor's residance was debited to telephone expense account.
(b). Cash sales of rs, 1200 to Manohar was correctly entered in the Cash Book but wrongly posted to account of mohan.
(c). Rs.1500 spent on repairs of a machine was debited to machinery account.
(d). the amont of Rs.1200 written off as bad debts, was recovered and was credited to ramesh's personal; account.
(e). Rs.2000 included in the wages account was spent on the construction of a cycle shed in the factory.
(f). An amount of Rs.1200 withdrawn by the proprietor for his personel use has been debited to the trade expense account.
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
payment side of cash book was overcast by 5000
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
experts plzz tell me dat while mking trial blnce,, Trading A/c,, is written in dr or cr,, side!!!
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....
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
what is trial balance
how to do the bad debts and RBD part in final accounts?
explain the objectives of trial balance
Rectify the errors
A cash sale of RS.1700 was posted to the credit of meena
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
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.
Prepared Trial balance from the following information :-
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.
how to prepare trial balance using total cum balancing method
Pg 219 Q.6 Why the suspense account is credited and the purchase return account is debited. Please explain.
credit sales to manas RS.16000 was recorded in the purchases book RS.10000 and posted to the debit off manas
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
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