Loading Tutorstips...
✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Advertisement
Advertisement
Advertisement
Advertisement
Question No 29 Chapter No 16
Credit Balance in Suspense Account
29. How would you rectify the following errors discovered after preparation of trial balance?
(a) An amount of 30 representing cash discount allowed by J.J. Singh on payment of his account stands debited to his account in the ledger, but is not shown in the discount column against payment entry in the cash book.
(b) An item 400 for purchase of office furniture has been passed through purchase book.
(c) An amount of 210.30 for a credit sale to Ramesh although correctly entered in the sales book has been wrongly posted as 230.10.
(d) A credit purchase of goods amounting to 250 from , Iqbal Singh has been omitted to be passed through the invoice book, but the payment made subsequently stand debited to his account.
(e) A credit purchase of goods for 19.20 from Manoj Kumar correctly entered in the invoice book has been wrongly posted as 13.80 to the credit of Manoj Kumar.
Journal
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| (a) | Suspense A/c | Dr. | 30 | ||
| To Discount Received A/c | 30 | ||||
| (Being discount received being unposted now posted.) | |||||
| (b) | Furniture A/c | Dr. | 400 | ||
| To Purchase A/c | 400 | ||||
| (Being purchases of furniture wrongly passed through purchase book, corrected.) | |||||
| (c) | Suspense A/c | Dr. | 19.80 | ||
| To R’s A/c | 19.80 | ||||
| (Being excess debited being corrected.) | |||||
| (d) | Purchases A/c | Dr. | 250 | ||
| To Santosh A/c | 250 | ||||
| (Being B/R being treated as B/P now corrected.) | |||||
| (e) | Suspense A/c | Dr. | 5.40 | ||
| To Manoj A/c | 5.40 | ||||
| (Being amount less credited to Manoj account now corrected.) | |||||
https://tutorstips.com/error-rectification/
Thanks, Please Like and share with your friends
Comment if you have any question.
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.
This guide covers "Question No 29 Chapter No 16 - USHA Publication 11 Class", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to USHA Publication +1 Elements of Book-Keeping.
It is primarily curated for Class 11 and Class 12 high school commerce, accounting, and economics students, as well as aspirants preparing for board exams or CA Foundation.
You can take our custom-built interactive practice quiz directly on this page to test your understanding of "Question No 29 Chapter No 16 - USHA Publication 11 Class" instantly.
