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Question No 38 Chapter No 17
38. There was a difference of 720 in the Trial Balance which has been transferred to the credit side of the Suspense Account. Pass the rectifying entries and prepare a Suspense Account to rectify the following errors:
(i) An amount of 375 now posted on the debit side of the Commission Account instead of 275.
(ii) Credit amount of 260 posted to the debit of the Personal Account as 360. (iii) Goods sold to Surinder recorded in Purchases Book 30.
(iv) D’s bill for erection of godown at a cost of 1,200 has been charged to the Repairs Account
The solution of Question No 38 Chapter No 16:-
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| i | Suspense A/c | Dr. | 100 | ||
| To Commission A/c | 100 | ||||
| (Being Commission Rs 275 was debited as Rs 375, now rectified) | |||||
| ii | Suspense A/c | Dr. | 620 | ||
| To Personal Account | 620 | ||||
| (Being Credit amount Rs 260 was wrongly posted to the debit Rs 360 in Personal Account, now rectified) | |||||
| iii | Surinder A/c | Dr. | 600 | ||
| To Sales A/c | 300 | ||||
| To Purchases A/c | 300 | ||||
| (Being Gian’s Account was debited by Rs 215 Instead of Crediting Rs 512, now rectified) | |||||
| iv | Building A/c | Dr. | 1,200 | ||
| To Repair A/c | 1,200 | ||||
| (Being Cost of erection of Godown Rs 1,200 was debited to Repair Account, now rectified) | |||||
| Dr. | Suspense Account | Cr. | |||||
| Date | Particulars |
J.F. | Amount | Date | Particulars |
J.F. | Amount |
|---|---|---|---|---|---|---|---|
| (i) | Commission | 727 | Balance b/d | 720 | |||
| (ii) | Personal Account | 620 | |||||
| 720 | 720 | ||||||
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T.S. Grewal's Double Entry Book Keeping
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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