Q. 28. A Book-keeper finds the difference in the Trial Balance amounting to 710 and puts it in the suspense account. Later on he detects the following errors. Rectif, these and prepare the Suspense Account :- 1. Goods purchased from Ram 700 was passed through sales book. 2. Returned goods to Shyam 1,500 was passed through returns inward book. 3. An Item of 450 relating to prepaid rent account was omitted to be broueht forward. 4. An Item of 120 in respect of purchase returns, instead of being recorded in Returns outward book has been wrongly entered in the purchase book and posted therefrom to the debit of Personal A/c. 5. Amount payable to Subhash for repairs done to radio 180 and a new radio supplied for 1,920, were entered in the Purchase book as 2,000. Give full narrations for rectifying journal entries. Which of the above errors affected the agreement of Trial Balance?

Q. 28. A Book-keeper finds the difference in the Trial Balance amounting to 710 and puts it in the suspense account. Later on he detects the following errors. Rectif, these and prepare the Suspense Account :- 1. Goods purchased from Ram 700 was passed through sales book. 2. Returned goods to Shyam 1,500 was passed through returns inward book. 3. An Item of 450 relating to prepaid rent account was omitted to be broueht forward. 4. An Item of 120 in respect of purchase returns, instead of being recorded in Returns outward book has been wrongly entered in the purchase book and posted therefrom to the debit of Personal A/c. 5. Amount payable to Subhash for repairs done to radio 180 and a new radio supplied for 1,920, were entered in the Purchase book as 2,000. Give full narrations for rectifying journal entries. Which of the above errors affected the agreement of Trial Balance?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Nizwa Shopping Center sold RO 2,000 of equipment account last month. If a customer returned equipment of R.O. 550, the company should record a: Select one: a. Debit to Accounts Receivable for RO 550 b. Credit to Accounts Receivable for RO 550 c. Debit to Cash for RO 550 d. None of the answers are correct. e. Credit to Sales Returns and Allowances for RO 550
Exercise for two-side errors Following are some accounting errors: ( the followings are two side errors) 1. Sales for R.O 20,000 made to Ahmed was not entered in the Sales book. 2. Cash R.O 50,000 paid to the creditor Ali was debited to Ahmed's A/c. 3. Purchase account was overcast by R.O 4000 and sales account was overcast by RO4000 4. Payment to a creditor “X" was wrongly credited to his account and debited to cash by R.O 1,200. 5. Purchase of furniture for R.O 5,000 entered in purchase account. 6. Amount of R.O 1,500 received from Ali was credited to Alia Account. 7. Cash received from Saleh R.O 2,500 were recorded as R.O 5,200. 8. Total of the Sales Book was overcast by R.O 1,000 and Interest received account was undercast by RO 1,000 Rectify the above error by making journal entry.
A book-keeper of a trading concern having failed to agree to the trial balance opened a suspense account and entered the difference in the trial balance. The following errors were subsequently discovered. (i) Goods sold to Manohar for Rs. 550 was posted as Rs. 5,500 in Manohar's account. (ii) Purchases return book was carried forward as Rs. 1,220 instead of Rs. 1,120. You are required to pass the journal entries for rectification of the above errors.
32) he correcting errors, adjusting and closing entries of the business are recorded in the form of ____________________. a. Purchases daybook b. Petty cash book c. General journal d. Cash payments book
Subject: accounting
Dengar
Name the error which was made under the following circumstances: the business sold goods on credit for N$12 000. The bookkeeper recorded the transaction as Dr: Sales N$12 000; Cr: Accounts receivables N$12 000 a. Error of complete reversal O b. Compensating error c. Principle error O d. Commission error
H1.
A £500 cash sale was entered as a debit in the sales account and a credit in the bank account. What type of error is this? Select one: A. Compensating B. Ommission C. Reversal of entries O D. Original entry E. Commission O F. Principle
If a $335.00 debit item in the general journal is posted as a credit: By how much will the trial balance be out of balance? Explain how you might detect such an error.
Instructions: Please show work and detailed explanations on how you got your answer. 1. Journalize the above transactions for Bramble Supply Co. Omit cost of goods sold entries. (Round interest revenue to 0 demcial places, e.g. 591. List all debit entries before credit entries. Record journal entries in the order presented in the probelm. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Use 360 days for calculation. 2. Record the collection of the Takham notes at its maturity in 2023. 3. Assume Takham dishonors its note at its maturity in 2023. Bramble expects to eventually collect the note. Record the dishonr of the Takham note. 3. Assume Takham dishonors its note at its maturity in 2023; Bramble does not expect to collect the note. Record the dishonor of the Takham note.