Question No 27 Chapter No 16
Recertification after the Preparation of Trail Balance but before Final Account
Single Account Errors
27. Pass the rectification entries and show the suspense account in the books of a partnership firm, from the following particulars :
(a) The total of sales returns day book was overcast by 1.000.
(b) Purchase of equipment, from Raj Mohan & Co., worth 2.000, in cash, was entree through the purchase day book and accordingly, credited to the supplier’s account.
(c) Discount 500 allowed by P. Sahoo, a creditor, has not been entered in the books account.
(d) 350 paid for carriage on sale of goods was credited to carriage inward account who posted from the cash book.
(e) Bill receivable worth 1,800 received from a debtor was entered in the bills payable book though correctly entered in the debtor’s account.
(f) A sum of 2,500 collected from Sunil Kumar, a debtor, whose dues were already written off as bad debt, was posted to the credit side of Suraj Singh account.
(g) Goods worth 1,500 bought by the partner V.K. Singh for his personal use with any payment being made as yet, was wrongly entered in the purchase day book.
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The solution of Question No 27 Chapter No 16:-
|To Sale Retune A/c||1,000|
|(Being sale return book overcast now corded.)|
|To Purchases A/c||2,000|
|To Cash A/c||2,000|
|(Being purchases of equipment passed through purchase book now corrected.)|
|(c)||P. Sahoo A/c||Dr.||500|
|To discount receivable A/c||500|
|(Being discount received recorded in book .)|
|(d)||Carriage Outward A/c||Dr.||350|
|Carriage Inward A/c||Dr.||350|
|To Suspense A/c||700|
|(Being carriage on sale wrongly credited in carriage inward account now corrected.)|
|(e)||Bill Payable A/c||Dr.||1,800|
|Bill Receivable A/c||Dr.||1,800|
|To Suspense A/c||3,600|
|(Being B/R treated as B/P now corrected.)|
|(f)||Suraj Singh A/c||Dr.||2,500|
|To Bad Debts A/c||2,500|
|(Being bad debts recovered wrongly credited in debtors account now corded.)|
|To Purchases A/c||1,500|
|(Being salivate purchases wrongly recorded in book corrected )|
|To Sale return A/c||1,000||By Carriage outward A/c||350|
|To Balance c/d||3,300||By Carriage Inward A/c||350|
|By Bill Payable A/c||1,800|
|By Bill Receivable A/c||1,800|
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