Question No 07 Chapter No 17 - T.S. Grewal 11 Class

Question No 07 Chapter No 17

7. Rectify the following errors assuming that there is no Suspense Account: (i) The Returns Inward Book has been overcast by 200.
(ii) Purchases Book carried forward 75 less.
(iii) Sales Book carried forward 41 less on Page 10 and 43 more on Page 12. (iv) Goods sold to Gautam were posted as 215 instead of 251.

The solution of Question No 07 Chapter No 16:-

(i) The Returns Inward Book has been overcast by 200.

Dr.	Return Inwards Book						Cr.
Date	Particulars	J.F.	Amount	Date	Particulars	J.F.	Amount
					Over Casting of Return Inwards Book		200

(ii) Purchases Book carried forward 75 less

Dr.	Purchases Account						Cr.
Date	Particulars	J.F.	Amount	Date	Particulars	J.F.	Amount
	Carry forwarding of Purchases Book Less		75

(iii) Sales Book carried forward 41 less on Page 10 and 43 more on Page 12

Dr.	Sales Account						Cr.
Date	Particulars	J.F.	Amount	Date	Particulars	J.F.	Amount
	Net Carry forwarding of Sales Book excess		2

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(iv) Goods sold to Gautam were posted as 215 instead of 251.

Dr.	Sales Account						Cr.
Date	Particulars	J.F.	Amount	Date	Particulars	J.F.	Amount
					Difference in the amount posted		36

Dr.	Gautam Account						Cr.
Date	Particulars	J.F.	Amount	Date	Particulars	J.F.	Amount
	Over Casting of Return Inwards Book		36

Error Rectification in accounting – Explanation with examples

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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