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Question No 16 Chapter No 16
Error in two Accounts with same Account
16. The undermentioned errors are found in the books of M/s Good luck company before closing their books for the years 2019-20.you are requited to rectify these error
| (a) | The repair account should be debited with Rs 360. Machinery account should be credit with Rs 630 |
| (b) | Discount allowed account should be credited with Rs 25, Hira Lal account should be credited with Rs 27 |
| (c) | The sale account should be debited with Rs 1,371, sale return account should be credited with Rs 1,731 |
| (d) | The sale account should be debited with Rs 6,006, machinery account should be credited with Rs 6,600 |
| (e) | Purchases account should be debited with Rs 400, sale account should be debited with Rs 40 |
| (f) | Plant account should be debited with Rs 1,550, wages account should be credited with Rs 1,550 |
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Also, Check out the solved question of all Chapters: –
Chapter No. 2 - Theory Base of Accounting
Chapter No. 3 - Origin of Transactions
Chapter No. 4 - Vouchers and transactions
Chapter No. 6 - Accounting for Goods and Services Tax(GST)
Chapter No. 9 - Other Subsidiary Books
Chapter No. 10 - Journal Proper
Chapter No. 11 - Trial Balance
Chapter No. 12 - Bank Reconciliation Statement
Chapter No. 14 - Provisions and Reserves
Chapter No. 15 - Bills of Exchange
Chapter No. 16 - Rectification of Errors
Chapter No. 17 - Financial Statements - (Without Adjustments)
Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
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