Question No 16 Chapter No 16

Question No 16 Chapter No 16

Error in two Accounts with same Account

16. The undermentioned errors are found in the books of M/s Good luck company before closing their books for the years 2019-20.you are requited to rectify these error

  1. Repair to machinery Rs 360were debited to machinery account Rs 630
  2. Discount Rs 250 allowed by Hira lal was not posted to discount account but posted to the debit of hira lal with Rs 520
  3. Goods sold to Pritam amounting to Rs 1,371 were recoded in the sale returns book as Rs 1,731. however, Pritam has been correctly debited with Rs 1,371
  4. Sale of machinery Rs 6,600 was wrongly credited to sale account Rs 6,006
  5. A purchase of Rs 400 from Balwabt Rai was entered in the sale book with Rs 40 only
  6. However, Balwant Rai was credited correctly
  7. Wages paid Rs 1,5550 on the installation of plant was debited to wages account Rs 1,505

 

The Content covered in this article:

The solution of Question No 16 Chapter No 16:-

(a)The repair account should be debited with Rs 360. Machinery account should be credit with Rs 630
  
(b)Discount allowed account should be credited with Rs 25, Hira Lal account should be credited with Rs 27
  
(c)The sale account should be debited with Rs 1,371, sale return account should be credited with Rs 1,731
  
(d)The sale account should be debited with Rs 6,006, machinery account should be credited with Rs 6,600
  
(e)Purchases account should be debited with Rs 400, sale account should be debited with Rs 40
  
(f)Plant account should be debited with Rs 1,550, wages account should be credited with Rs 1,550



Error Rectification in accounting – Explanation with examples

Thanks, Please Like and share with your friends  

Comment if you have any question.

Also, Check out the solved question of all Chapters: –

 

Usha Publication – Elements of Book-Keeping PSEB (Class 11) – Solution

Chapter No. 1 – Introduction

Chapter No. 2 – Theory Base of Accounting 

Chapter No. 3 – Origin of Transactions

Chapter No. 4 – Vouchers and transactions

Chapter No. 5 – Journal

Chapter No. 6 – Accounting for Goods and Services Tax(GST)

Chapter No. 7 – Ledger

Chapter No. 8 – Cash Book

Chapter No. 9 – Other Subsidiary Books

Chapter No. 10 – Journal Proper

Chapter No. 11 – Trial Balance

Chapter No. 12 – Bank Reconciliation Statement

Chapter No. 13 – Depreciation

Chapter No. 14 – Provisions and Reserves 

Chapter No. 15 – Bills of Exchange

Chapter No. 16 – Rectification of Errors 

Chapter No. 17 – Financial Statements – (Without Adjustments)

Chapter No. 18 – Financial Statements – (With Adjustments)

Leave a Reply

About us

About us, we are here to improve your knowledge in all financial & Business related topics and to get better carrier opportunities. The author has about 10-year Experience in tuition Business. It is very difficult to teach a large number of students with a personal touch or in a classroom. 

Animation's Resource websites

All Icons and images used on my website were downloaded from the following website please go and download free:-

close