Question No 46 Chapter No 17 - T.S. Grewal 11 Class

Question No 46 Chapter No 17

46. Rectify the following errors by passing Journal entries:
(i) A sum of 470 received from Ganga was posted to her debit as 740.
(ii) A debit balance of 550 in the personal account of Mr. John was undercast.
(iii) Bills Receivable from Brown for 3,000 posted to the credit of Bills Payable Account and credited to Brown’s Account.
(iv) Goods returned by Mridul 225 have been entered in the Returns Outward Book.

The solution of Question No 46 Chapter No 16:-

Date	Particulars		L.F.	Debit	Credit
i	Suspense A/c (740+ 470)	Dr.		1,210
	To Ganga’s A/c				1,210
	(Being Rs 470 received from Ganga was posted to her debit as Rs 740, now rectified)
ii	Mr. John’s A/c	Dr.		550
	To Suspense A/c				550
	(Being Debit balance of Mr. John’s personal account was under casted by Rs 550, now rectified)
iii	Bills Receivable A/c	Dr.		3,000
	Bills Payable A/c	Dr.		3,000
	To Suspense A/c				6,000
	(Being Bills Receivable from Brown, posted to credit of bills payable and credited to Brown’s Account, now rectified)
iv	Sales Return A/c	Dr.		225
	Purchases Return A/c	Dr.		225
	To Mridul’s A/c				450
	(Being Goods returned by Mridul was entered in the Return Outward book, now rectified)

 

 

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Also, Check out the solved question of previous Chapters: -

• • Chapter No. 1 – Introduction to Accounting
  • Chapter No. 2 – Basic Accounting Terms
  • Chapter No. 3 – Theory Base of Accounting, Accounting Standards and International Financial Reporting Standards(IFRS)
  • Chapter No. 4 – Bases of Accounting
  • Chapter No. 5 – Accounting Equation
  • Chapter No. 6 – Accounting Procedures – Rules of Debit and Credit
  • Goods and Services Tax(GST)
  • Chapter No. 7 – Origin of Transactions – Source Documents and Preparation of Vouchers
  • Chapter No. 8 – Journal
  • Chapter No. 9 – Ledger
  • Chapter No. 10 – Special Purpose Books I – Cash Book
  • Chapter No. 11 – Special Purpose Books II – Other Books
  • Chapter No. 12 – Bank Reconciliation Statement
  • Chapter No. 13 – Trial Balance
  • Chapter No. 14 – Depreciation
  • Chapter No. 15 – Provisions and Reserves
  • Chapter No. 16 – Accounting for Bills of Exchange
  • Chapter No. 17 – Rectification of Errors
  • Chapter No. 18 – Financial Statements of Sole Proprietorship
  • Chapter No. 19 – Adjustments in preparation of Financial Statements
  • Chapter No. 20 – Accounts from incomplete Records – Single Entry System
  • Chapter No. 21 – Computers in Accounting
  • Chapter No. 22 – Accounting Software – Tally
  • Chapter No. 5 - Accounting Equation
  • Chapter No. 6 - Accounting Procedures - Rules of Debit and Credit
  • Goods and Services Tax(GST)
  • Chapter No. 8 - Journal
  • Chapter No. 9 - Ledger
  • Chapter No. 10 – Special Purpose Books I – Cash Book

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