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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Urgent need.
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