Question No 17 Chapter No 16

Question No 17 Chapter No 16

Error in two Accounts with same Account

17. Rectify the following errors before the preparation of trial balance:

  1. Discount allowed Rs 73wsa posted to discount received account Rs 37
  2. Repairs to building Rs 355 was posted to the debit of building account Rs 535
  3. Shares purchased for Rs 4,600 posted to purchases Account Rs 1,600
  4. Furniture of Rs 700 purchased for the proprietor’s residences was entered in purchase day book Rs 7,000
  5. Interest on investment received Rs 450 credited to commission account as Rs 540
  6. An item of purchases of Rs 253 was entered in the purchases book as Rs 23 and posted to supplier’s account Rs 352
  7. An bill receivable which was accepted by ritu Chaudhary fir Rs 1,500 was sent to the bank for collection. This having been dishonoured and returned by the bank was debited to bills receivable account Rs 1,050

 

The Content covered in this article:

The solution of Question No 17 Chapter No 16:-

(a)Discount allowed account should be debited with Rs 73
Discount received account should be credit with Rs 37
  
(b)Repair account should be debited with Rs 355
Building account should be credited with Rs 545
  
(c)Investments account should b debited with Rs 4,600
Purchases account should be credited with Rs 1,600
  
(d)Drawings account should be debited with Rs 700
Purchases account should be credited with Rs 7,000
  
(e)Interest on investments account should be credited with Rs 450
Commission account should be debited with Rs 230
  
(f)Purchases account should be debited with Rs99
Supplier’s account should be debited with Rs 99
  
(g)Jaspal’s Account should be debited with Rs 1,500
Bill receivable account should be credited with Rs 1,050
Bank for collection account should be credited with Rs 1,500



Error Rectification in accounting – Explanation with examples

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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)

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