20 pro W On close scrutiny the following errors were discovered : (i) Closing stock was overvalued by * 4,000 (ii) A sale of 2,300 was recorded in Sales Day Book as 3,200,though it was rightly posted in Sales Account. (iii) The total of one page of Purchase Day Book was carried forward as 3,800 instead of *8,300. (iv) Outstanding telephone bill of 510 was not recorded in the books. (v) A collection of 2,000 from a customer was posted in the creditors account. (vi) Rent for one month 2,500 was recorded in the books as rent of the residential house of the proprietor.

20 pro W On close scrutiny the following errors were discovered : (i) Closing stock was overvalued by * 4,000 (ii) A sale of 2,300 was recorded in Sales Day Book as 3,200,though it was rightly posted in Sales Account. (iii) The total of one page of Purchase Day Book was carried forward as 3,800 instead of *8,300. (iv) Outstanding telephone bill of 510 was not recorded in the books. (v) A collection of 2,000 from a customer was posted in the creditors account. (vi) Rent for one month 2,500 was recorded in the books as rent of the residential house of the proprietor.

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter8: Revenue Recognition, Receivables, And Advances From Customers

Section: Chapter Questions

Problem 46P

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