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Question No 40 Chapter No 17
40.The Trial Balance of S. Sen did not agree and the difference in books was carried to a Suspense Account. Pass the entries required to rectify the following errors which accounted for the difference. Also, prepare the Suspense Account:
(i) A Sales Invoice for 1,000 for goods sold on credit to B. Basu was entered in the Purchases Book but in the Ledger, the amount was correctly debited to the account of B. Basu.
(ii) Goods bought on credit from Ram Lal for 1,500 were wrongly debited to his account as 5,100
(iii) An amount of 275 was posted as 325 to the debit side of the Commission Account.
(iv) The Sales Book for the month of April was undercasted by 100. (v) 460 paid for building repairs was debited to the Building Account as 640.
The solution of Question No 40 Chapter No 16:-
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| i | Suspense A/c | Dr. | 2,000 | ||
| To Sales A/c | 1,000 | ||||
| To Purchases A/c | 1,000 | ||||
| (Being Goods sold to B. Basu was entered in Purchases book and debited to his account, now rectified) | |||||
| ii | Suspense A/c | Dr. | 6,600 | ||
| To Ram Lal | 6,600 | ||||
| (Being Bought goods from Ram Lal Rs 1,500 was wrongly debited to his account as Rs 5,100, now rectified) | |||||
| iii | Suspense A/c | Dr. | 50 | ||
| To Commission A/c | 50 | ||||
| (Being Commission Rs 275 was wrongly debited a Rs 325, now rectified) | |||||
| iv | Suspense A/c | Dr. | 100 | ||
| To Sales A/c | 100 | ||||
| (Being Sale Book was undercast, now rectified) | |||||
| v | Building Repair A/c | Dr. | 460 | ||
| Suspense A/c | Dr. | 180 | |||
| To Building A/c | 640 | ||||
| (Being Building Repair Rs 460 was debited to Building Account as 640, now rectified) | |||||
| Dr. | Suspense Account | Cr. | |||||
| Date | Particulars |
J.F. | Amount | Date | Particulars |
J.F. | Amount |
|---|---|---|---|---|---|---|---|
| (i) | Sales | 1,000 | |||||
| Purchases | 1,000 | ||||||
| (ii) | Ram La | 6,600 | |||||
| (iii) | Commission | 50 | |||||
| (iv) | Sales | 100 | |||||
| (v) | Building | 180 | |||||
| Balance b/d | 8,930 | ||||||
| 8,930 | 8,930 | ||||||
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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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