Rectify the following accounting errors through Suspense Account by making journal entries: (the following are all one side errors) Purchase of goods from Muna for R.O 2,500 was entered in the Sales Book; however, Muna's Account was correctly credited. Cash received from Ali, a debtor, R.O 3,200 was correctly entered in the Cash Book but was omitted to be posted to his account. 3. Sales Book was overcast by R.O 1,500. 4. Cash of R.O 4,000 paid to Hani was credited to Rafi A/c as R.O 1,400. 5.The total of Purchase Returns Book of R.O 3,150 was carried forward as R.O 1,530. 6. Noor, a creditor, was paid cash R.O 6,500 but Muna was debited by R.O 6,000. 1. 2.

Rectify the following accounting errors through Suspense Account by making journal entries: (the following are all one side errors) Purchase of goods from Muna for R.O 2,500 was entered in the Sales Book; however, Muna's Account was correctly credited. Cash received from Ali, a debtor, R.O 3,200 was correctly entered in the Cash Book but was omitted to be posted to his account. 3. Sales Book was overcast by R.O 1,500. 4. Cash of R.O 4,000 paid to Hani was credited to Rafi A/c as R.O 1,400. 5.The total of Purchase Returns Book of R.O 3,150 was carried forward as R.O 1,530. 6. Noor, a creditor, was paid cash R.O 6,500 but Muna was debited by R.O 6,000. 1. 2.

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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1-Which of the following is an example of Transposition Error? a. Electricity expense of OMR 50 entered two times by mistake b. Purchase of Merchandise on credit RO 15000 entered in Fixed asset account. c. Sales day book undercast by RO 1200 d. Sale of Merchandise for cash RO 15,729 entered as 15279 in Sales account 2-Ms. Salma is an Accountant. the business incurred electricity expense of RO 512 was entered by her as RO 152 in cash account. but the entry was written in electricity account correctly. Which of the following rectification entry is Correct? a. Give Credit Cash account with RO 360 b. Give Debit Cash account with RO 360 c. Give Debit Cash Account with RO 720 d. give Debit RO 360 in both the accounts 3-Credit sales invoice will be recorded in a. Sales journal b. Purchase journal c. Purchase ledger d. Sales ledger 4-Sales revenues are RO 400,000, cost of goods sold is RO 310,000, and operating expenses are…
Journal entry
32.3A Show the journal entries needed to correct the following errors: (a) Purchases £1,410 on credit from A Ray had been entered in B Roy's account. (b) A cheque of £94 paid for printing had been entered in the cash column of the cash book instead of in the bank column. (c) Sale of goods £734 on credit to D Rolls had been entered in error in D Rollo's account. (d) Purchase of goods on credit L Hand £819 entered in the correct accounts in error as £891. (e) Cash paid to G Boyd f64 entered on the debit side of the cash book and the credit side of G Boyd's account. (f) A sale of fittings f320 had been entered in the Sales account. (g) Cash withdrawn from bank £200 had been entered in the cash column on the credit side of the cash book, and in the bank column on the debit side. (h) Purchase of goods £1,182 has been entered in error in the Furnishings account.
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.
2
I'm needing help on these questions for my Homework. Can anyone please help me?
Which of the following error will be a complete reversal of entries for the purchase of stationery for cash OMR 50 by the business? a. Debit Stationery OMR 50 and Credit Cash OMR 50 b. Debit Cash OMR 50 and Credit Purchase OMR 50 c. Debit Cash OMR 50 and Credit Stationery OMR 50 d. Debit Purchase OMR 50 and Credit Cash OMR 50
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
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
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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