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Question No 17 Chapter No 16 - USHA Publication 11 Class

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Question No 17 Chapter No 16

Error in two Accounts with same Account

17. Rectify the following errors before the preparation of trial balance:

Discount allowed Rs 73wsa posted to discount received account Rs 37
Repairs to building Rs 355 was posted to the debit of building account Rs 535
Shares purchased for Rs 4,600 posted to purchases Account Rs 1,600
Furniture of Rs 700 purchased for the proprietor’s residences was entered in purchase day book Rs 7,000
Interest on investment received Rs 450 credited to commission account as Rs 540
An item of purchases of Rs 253 was entered in the purchases book as Rs 23 and posted to supplier’s account Rs 352
An bill receivable which was accepted by ritu Chaudhary fir Rs 1,500 was sent to the bank for collection. This having been dishonoured and returned by the bank was debited to bills receivable account Rs 1,050

The solution of Question No 17 Chapter No 16:-

(a)	Discount allowed account should be debited with Rs 73 Discount received account should be credit with Rs 37

(b)	Repair account should be debited with Rs 355 Building account should be credited with Rs 535

(c)	Investments account should b debited with Rs 4,600 Purchases account should be credited with Rs 1,600

(d)	Drawings account should be debited with Rs 700 Purchases account should be credited with Rs 7,000

(e)	Interest on investments account should be credited with Rs 450 Commission account should be debited with Rs 540

(f)	Purchases account should be debited with Rs230 Supplier's account should be debited with Rs 99

(g)	Jaspal’s Account should be debited with Rs 1,500 Bill receivable account should be credited with Rs 1,050 Bank for collection account should be credited with Rs 1,500