Problem No 4 Chapter No 10 - Unimax 11 Class

Problem No 4 Chapter No 10 - Unimax Class 11

A bookkeeper while preparing his trial balance find that the total debit side axceeds by ₹ 7,250.

Being desired to prepare the final accounts, he place the difference to a Suspense account. In the next year, the following mistakes were discovered:

(a) A sales of ₹ 4,000 has been passed through the purchases day book. The entry in customer, account has been correctly recorded.

(b) Goods worth ₹ 2,500 taken away by the proprietor for his personal use been debited to repair account.

(c) A bill received for ₹ 1,300 received from Krishna has been dishonoured on due date but no entry was debited.

(d) Salary ₹ 650 paid to a clerk has been debited to his personal a/c.

(e) A purchases of ₹ 750 from Raghubir has been debited to his a/c. purchases a/c has been correctly debited.

(f) A sum of ₹ 2,250 written of as depreciation on furniture has not been debited to depreciation a/c.

Draft the journal entries for rectifying the above mistakes and prepare suspense a/c. also show profit and loss adjustment a/c.

The solution of Problem No 3 Chapter No 10 -

Journal

S. No.	Particulars			L.F.	Debit	Credit
(a)	Suspense A/c	Dr.			8,000
	To P & L adjustment A/c					8,000
	(Being sales passed through purchases book, now rectified)
(b)	Drawing A/c	Dr.			2,500
	To P & L adjustment A/c					2,500
	(Being goods taken by proprietor wrongly debited to repairs a/c, now rectified)
(c)	Krishna A/c	Dr.			1,300
	To Bill receivable A/c					1,300
	(Being bills receivable of Krishna has been dishonoured but no entry is passed, now rectified)
(d)	P & L adjustment A/c	Dr.			650
	To Clerk A/c					650
	(Being salary paid to clerk, debited to his personal a/c, now rectified)
(e)	Suspense A/c	Dr.			1,500
	To Raghubir’s A/c					1,500
	(Being goods purchases from Raghubir posted to Dr. of his a/c, now rectified)
(f)	P & L adjustment A/c		Dr.		2,250
	To Suspense A/c					2,250
	(Being depreciation on furniture has not been debited to depreciation a/c, now rectified)

 

Dr.	Suspense A/c						Cr.
Date	Particulars	J.F.	Amount	Date	Particulars	J.F.	Amount
	To P & L adjustment A/c		8,000		By Balance b/d		7,250
	To Raghubir A/c		1,500		By P & L adjustment A/c		2,250
			9,500				9,500

 

	₹		₹
To Clerk A/c	650	By Suspense A/c	8,000
To Suspense A/c	2,250	By Drawing A/c	2,500
To Balance being profit transferred to capital A/c	7,600
	10,500		10,500

Read out the full article to know the meaning of Rectification of Errors 

Error Rectification in accounting – Explanation with examples

Also, Check out the same article in Hindi from the following link

Error Rectification in accounting – Explanation with examples-in Hindi

Also, Check out the solved question of all Chapters: –

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

Part-I

• Chapter No. 1 - Introduction of Accounting
• Chapter No. 2 - Theory Base of Accounting
• Chapter No. 3 - Vouchers and Transactions
• Chapter No. 4 - Journal
• Chapter No. 5 - Goods and Services Tax (GST): An Introduction
• Chapter No. 6 - Ledger
• Chapter No. 7 - Special Purpose Book -  Cash Book
• Chapter No. 8 - Other Subsidiary Books 
• Chapter No. 9 - Trial Balance 
• Chapter No. 10 - Rectification of Errors
• Chapter No. 11 - Depreciation
• Chapter No. 12 - Provision and Reserves
• Chapter No. 13 - Bank Reconciliation Statement
• Chapter No. 14 - Bills of Exchange 

Students may choose only one part from the Part II and Part III

Part-II

• Chapter No. 15 - Financial Statements (Without Adjustments)
• Chapter No. 16 - Financial Statements (With Adjustments)
• Chapter No. 17 - Accounts from Incomplete Records -  Single Entry System

Part-III

• Chapter No. 18 - Introduction to Computers and Accounting information System
• Chapter No. 19 - Computerised Accounting
• Chapter No. 20 - Accounting Software: Tally 
• Chapter No. 21 - Data Base System
• Chapter No. 22 - Concept of Entity and Relationship