Question No 34 Chapter No 17 – T.S. Grewal 11 Class

Question No 34 Chapter No 17

Question No 34 Chapter No 17

34. Rectify the following errors found in the books of Mr. B. Trial Balance had 930 excess credit. The difference has been posted to a Suspense Account:
(i) The total of Returns Inward Book has been cast 1,000 short.
(ii) The purchase of an office table costing 3,000 has been passed through Purchases Book.
(iii) 3,750 paid for wages to workmen for making showcases had been charged to the Wages Account.
(iv) A purchases of 670 had been posted to the Creditors’ Account as 600.
(v) A cheque for 2,000 received from Mr. P.C. Joshi had been dishonoured and was passed to the debit of the Allowances Account.
(vi) An amount of 15,720 due from Prasad written off as had in a previous year, was recovered and credited to the Personal Account of Prasad.
After rectification reflect the transactions in the Suspense Account.

The solution of Question No 34 Chapter No 16:-

Date   Particulars
L.F. Debit Credit
i Return Inwards A/c Dr.   1,000  
  To Suspense A/c       1,000
  (Being Return Inwards was undercast, now rectified)        
ii Furniture A/c Dr.   3,000  
  To Purchases A/c       3,000
  (Being Purchase of Office Furniture was wrongly entered in Purchases Book , now rectified)        
iii Furniture A/c Dr.   3,750  
  To Wages A/c       3,750
  (Being Wages paid for making showcases was wrongly charged to Wages Account, now rectified)        
iv Suspense A/c Dr.   70  
  To Creditors       70
  (Being Purchase of Rs 670 was Credited to Creditors as Rs 600, now rectified)        
v Mr. P. C Joshi Dr.   2,000  
  To Allowances A/c       2,000
  (Being (Mr. P. C. Joshi Cheque was dishonoured and was wrongly debited to Allowances Account, now rectified)        
vi Prasad A/c Dr.   15,720  
  To Bad Debts Recovered A/c       15,720
  (Being Bad debts recovered from Prasad wrongly credited to his personal account, now rectified)        

 

Dr. Suspense Account Cr.
Date Particulars
J.F. Amount Date Particulars
J.F. Amount
  Balance b/d   930   Return Inwards   1,000
(iv) Creditors   70        
               
               
      1,000       1,000

 

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

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T.S. Grewals Double Entry Book Keeping - Question No 34 Chapter No 17 - T.S. Grewal 11 Class

T.S. Grewal’s Double Entry Book Keeping

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