Question No 37 Chapter No 17 - T.S. Grewal 11 Class

Question No 37 Chapter No 17

37. A Trial Balance disclosed a difference of 417 placed on the credit side of the Suspense Account. Later on the following errors were located:
(i) Goods worth 200 purchased from Sohan had been posted to his account as 250.
(ii) A purchase of furniture for 500 was recorded in the Purchases Book.
(iii) Instead of crediting Gian’s Account with 512, it was debited with 215. (iv) Goods worth 130 returned by Gian were entered in the Sales Book and posted therefrom to the credit of Gian’s Personal Account.

The solution of Question No 37 Chapter No 16:-

Date	Particulars		L.F.	Debit	Credit
i	Sohan	Dr.		50
	To Suspense A/c				50
	(Being Goods Purchased from Sohan Rs 200 was posted to his account as Rs 250, now rectified)
ii	Furniture A/c	Dr.		500
	To Purchases A/c				500
	(Being Purchase of Furniture was entered in Purchases Book, now rectified)
iii	Suspense A/c	Dr.		727
	To Gian				727
	(Being Gian’s Account was debited by Rs 215 Instead of Crediting Rs 512, now rectified
iv	Sales Return A/c	Dr.		130
	Sales A/c	Dr.		130
	To Suspense A/c				260
	(Being Sale returned by Gian was wrongly entered in the Sales Book, now rectified)

Dr.	Suspense Account						Cr.
Date	Particulars	J.F.	Amount	Date	Particulars	J.F.	Amount
(ii)	Gain		727		Balance b/d		417
				(i)	Sohan		50
				(iv)	Sales Return		130
					Sales		130
			727				727

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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