Question No 41 Chapter No 17 - T.S. Grewal 11 Class

Question No 41 Chapter No 17

41. Rectify the following errors:
(i) Sale of old furniture worth 3,000 treated as sales of goods.
(ii) Sales Book added 5,000 short.
(iii) Rent of proprietor’s residence, 6,500 debited to Rent Account.
(iv) Goods worth 11,970 returned by Manav posted to his debit as 11,790.

The solution of Question No 41 Chapter No 16:-

Date	Particulars		L.F.	Debit	Credit
i	Sales A/c	Dr.		3,000
	To Furniture A/c				3,000
	(Being Sale of old Furniture was wrongly treated as Sales of Goods, now rectified)
ii	Suspense A/c	Dr.		5,000
	To Sales A/c				5,000
	(Being Sales Book was undercast, now rectified)
iii	Drawings A/c	Dr.		6,500
	To Rent A/c				6,500
	(Being Rent of proprietor’s residence was wrongly debited to Rent Account, now rectified)
iv	Suspense A/c	Dr.		23,760
	To Manav				23,760
	(Being Goods returned by Manav Rs 11,970 was wrongly posted to the debit of his account as Rs 11,790, now rectified)

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