Question No 03 Chapter No 17 - T.S. Grewal 11 Class

Question No 03 Chapter No 17

3. How will you rectify the following errors?

Sales Book is overcast by 5,000.
Sales Return Book is short cast by 500.
Balance of Sales Book is carried forward in excess by 1,000.
Balance of Sales Return Book is carried forward in excess by 100

The solution of Question No 03 Chapter No 16:-


Date	Particulars		L.F.	Debit	Credit
i	Sales A/c	Dr.		5,000
	To Suspense A/c				5,000
	(Being Sales book was overcast by Rs 5,000, now rectified)
ii	Sales Return A/c	Dr.		500
	To Suspense A/c				500
	(Being Sales return book was undercast by Rs 500, now rectified)
iii	Sales A/c	Dr.		1,000
	To Suspense A/c				1,000
	(Being Sales book’s balance was carried forward in excess by Rs 1,000, now rectified)
iv	Suspense A/c	Dr.		100
	To Sales Return A/c				100
	(Being Sales return book’s balance was carried forward in excess by Rs 100, now rectified)

Error Rectification in accounting – Explanation with examples

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- 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