Question No 28 Chapter No 16

Question No 28 Chapter No 16

Credit Balance in Suspense Account

28. The following mistakes were located in the book of concern after it closed the account books and a suspense Account was opened in order to get the trial balance agreed

  1. Sales day book was overcast by Rs 100
  2. A sale of Rs 50 to X was wrongly debited to Y
  3. General expenses of Rs 18 was posted in Gernal Ledger as Rs 80
  4. A bill Receivable for Rs 155 was passed through Bills Payable Book. The bill was given by Anjum Saeed
  5. A sum of Rs 119 paid for legal expenses paid to Tahir Zaman was debited to his personal account
  6. Cash received from C.Das was debited to G.Das Rs 150
  7. While carrying forward the total of one page of the pass book to the next, the amount of Rs 1,235 was written as Rs 1, 325

 

The Content covered in this article:

The solution of Question No 28 Chapter No 16:-

Journal
Date  Particulars
L.F.DebitCredit
      
(a)Sale A/cDr. 100 
 To Suspense A/c   100
 (Being sale book over cost now corded.)    
      
(b)X A/cDr. 50 
 To Y A/c   50
 (Being sale to X, wrongly debited to Y, corrected.)    
      
(c)Suspense A/cDr. 62 
 To General Expenses A/c   62
 (Being expenses Rs 18 wrongly posted Rs 80 now corded.)    
      
(d)Bill Payable A/cDr. 155 
 Bill Receivable A/cDr. 155 
 To Purchases A/c   310
 (Being B/R being treated as B/P now corrected.)    
      
(e)Legal Expenses A/cDr. 119 
 To Drafty A/c   119
 (Being legal expenses paid wrongly debited in personal account now corded.)    
      
(f)Supplier’s A/cDr. 300 
 To G.Das A/c   150
 To C. Das A/c   150
 (Being bad debts recovered wrongly credited in debtors account now corded.)    
      
(g)Suspense A/cDr. 90 
 To Purchases A/c   90
 (Being wrong carry forward in purchase book now corded.)    
     

 

Suspense A/c
Cr.
Particulars
J.F.AmountParticulars
J.F.Amount
To General Ex A/c 62By Sale A/c 100
To C. Das A/c 150By Balance C/d 352
To G. Das A/c 150   
To Purchases A/c 90   
      
  452  452

 

 

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