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Test: Rectification Of Errors - 1 - Commerce MCQ


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30 Questions MCQ Test Accountancy Class 11 - Test: Rectification Of Errors - 1

Test: Rectification Of Errors - 1 for Commerce 2024 is part of Accountancy Class 11 preparation. The Test: Rectification Of Errors - 1 questions and answers have been prepared according to the Commerce exam syllabus.The Test: Rectification Of Errors - 1 MCQs are made for Commerce 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Rectification Of Errors - 1 below.
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Test: Rectification Of Errors - 1 - Question 1

A Machine was Purchased for Rs. 3,000 which was wrongly recorded in Purchase A/c. due to this error : 

Detailed Solution for Test: Rectification Of Errors - 1 - Question 1

Puchase of machinery is debited to machinery a/c but they debited it to purchase a/c in either of case in trial balance the machinery which is purchased itz amount will be debited only so there will be no difference in credit and debit side of trial balance. This error will just affect individual ledger

Test: Rectification Of Errors - 1 - Question 2

 Sale to Mr. Z of Rs. 3,000 on credit was recorded twice in the sales book. The rectification entry is :

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Test: Rectification Of Errors - 1 - Question 3

 ‘A’ sold goods to ‘B’ on credit for Rs. 15,000 but debited to ‘C’ instead of ‘B’. The entry would affect:

Test: Rectification Of Errors - 1 - Question 4

When the total of trial balance is not reconciled, the account opened at this juncture is : 

Test: Rectification Of Errors - 1 - Question 5

 Total of sales book was understated by Rs. 200. Rectification entry will be:

Test: Rectification Of Errors - 1 - Question 6

The goods sold for Rs. 900 but the amount was entered in the sales Account as Rs. 1080. On Rectification, suspense account will be:

Test: Rectification Of Errors - 1 - Question 7

An amount of Rs. 6,000 due from Anshul, which had been written off as a bad debt in a previous year, was unexpectedly recovered and had been posted to his personal account. The rectification entry is : 

Detailed Solution for Test: Rectification Of Errors - 1 - Question 7

Correct option is D.
When an amount previously written off as a bad debt is unexpectedly recovered, the rectification entry in the accounting records is as follows:

  1. Bad Debts Recovered A/c Dr. Rs. 6,000: This account is debited to record the recovery of the bad debt. It increases the amount of income or reduction in expense related to bad debts.

  2. Anshul A/c Cr. Rs. 6,000: Anshul's personal account is credited to reinstate the amount that had been previously written off as a bad debt. This reduces the accounts receivable balance from Anshul.

Therefore, the rectification entry would be:

Bad Debts Recovered A/c Dr. 6,000
To Anshul A/c 6,000

Test: Rectification Of Errors - 1 - Question 8

Sale of old furniture is wrongly transferred to Sales Account. Which type of error is this ?

Test: Rectification Of Errors - 1 - Question 9

Wages paid for the erection of a machine debited to Wages A/c is an example of :

Test: Rectification Of Errors - 1 - Question 10

A purchase of computer was debited to Office Expenditure Account. This is an error of : 

Test: Rectification Of Errors - 1 - Question 11

Credit sale of Rs. 10,000 made to Sallu was passed through purchase book. The proper entry for rectification was the following :

Test: Rectification Of Errors - 1 - Question 12

 The beginning stock of the current year is overstated by Rs. 500 and closing stock is overstated by Rs. 1200. Effect on profit: 

Detailed Solution for Test: Rectification Of Errors - 1 - Question 12


Test: Rectification Of Errors - 1 - Question 13

 An amount of Rs. 8,765 paid to M was debited to N’s a/c. The rectification of the error will-

Test: Rectification Of Errors - 1 - Question 14

When check is not paid by the bank, it is called?

Test: Rectification Of Errors - 1 - Question 15

A bank reconciliation statement is prepared by?

Test: Rectification Of Errors - 1 - Question 16

Debit balance as per cash book of ABC Enterprises as on 31st March, 2012 was Rs. 1,500. Cheques deposited but not cleared amount to Rs. 100. Cheques issued but not presented amount to Rs. 150. The bank allowed interest amounting to Rs. 50 and collected dividend Rs. 50 on behalf of ABC Enterprises. Balance as per Pass Book as on 31st March 2012, should be:

Test: Rectification Of Errors - 1 - Question 17

 On purchase of old furniture, the amount of Rs. 1,000 spent on its repair should be debited to 

Test: Rectification Of Errors - 1 - Question 18

Bank statement also called?

Test: Rectification Of Errors - 1 - Question 19

 Sales of office furniture should be credited to 

Detailed Solution for Test: Rectification Of Errors - 1 - Question 19

Sales of office furniture should be credited to the revenue account.

Revenue accounts represent the income earned by a company through its primary business activities, such as selling goods or services. Sales of office furniture generate revenue for the company and should be recorded as a credit in the revenue account.

Test: Rectification Of Errors - 1 - Question 20

If a purchase return of Rs. 1,000 has been wrongly posted to the debit of the sales returns account, but has been correctly entered in the suppliers’ account, the total of the

Test: Rectification Of Errors - 1 - Question 21

 A debit balance in the depositor’s Cash Book will be shown as:

Test: Rectification Of Errors - 1 - Question 22

The main purpose of preparing a bank reconciliation statement is?

Test: Rectification Of Errors - 1 - Question 23

 The cash book showed an overdraft of Rs. 1,500 as cash at bank, but the pass book made up to the same date showed that cheques of Rs. 100, Rs. 50 and Rs. 125 respectively had not been presented for payments; and the cheque of Rs. 400 paid into account had not been cleared. The balance as per the pass book will be

Detailed Solution for Test: Rectification Of Errors - 1 - Question 23

A bank reconciliation statement

Test: Rectification Of Errors - 1 - Question 24

 A Bank Reconciliation Statement is prepared by 

Test: Rectification Of Errors - 1 - Question 25

Unfavorable balance means?

Test: Rectification Of Errors - 1 - Question 26

Which of the following items is not a reason for difference between bank balance as per cash book and pass book?

Test: Rectification Of Errors - 1 - Question 27

While preparing bank reconciliation statement with favourable balance as per cash book which of the following will not be added?

Test: Rectification Of Errors - 1 - Question 28

Payment done by the account holder through issuing a cheque is entered in 

Test: Rectification Of Errors - 1 - Question 29

 An amount of Rs. 5,000 debited twice in pass book to prepare Bank Reconciliation Statement, when overdraft as per the cash book in the starting point:

Test: Rectification Of Errors - 1 - Question 30

The main function of a commercial bank is to?

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