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The debit side of trial balance showed 1000/- less than the credit side .the suspense acc was debited with 1000/- later on following errors were detected. Prepare suspense account a) goods return 300 entered in the cus acc but not posted to his acc b) goods sold to X on credit for700 was entered in sales book but not posted to his acc C) 580 paid by y traders was credited to their acc508 d) 260 due from d was not enterd in schedule of S. Drs e) purchase book was overcast by 188?
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The debit side of trial balance showed 1000/- less than the credit sid...
Suspense Account

Errors:

a) Goods return of 300 was entered in the customer's account but not posted to his account
b) Goods sold to X on credit for 700 was entered in sales book but not posted to his account
c) 580 paid by Y traders was credited to their account instead of being debited
d) 260 due from D was not entered in the schedule of S. Drs
e) Purchase book was overcast by 188

Solution:

Debit side of trial balance: 1000

Credit side of trial balance: 2000

As the debit side of the trial balance is short by 1000, a suspense account was created and debited by the same amount.

After detecting the errors, the following entries were made:

a) Customer's account was credited by 300 and goods return account was debited by 300
b) X's account was debited by 700 and sales account was credited by 700
c) Y traders' account was debited by 580 and cash account was credited by 580
d) Schedule of S. Drs was corrected by adding 260
e) Purchase book was corrected by reducing 188

The suspense account was credited by 1000 to balance the books.

Suspense Account

Particulars | Debit | Credit
---|---|---
To customer's account | 300 |
By goods return account | 300 |
To X's account | 700 |
By sales account | 700 |
To Y traders' account | | 580
By cash account | 580 |
| 260 |
| | 188
| 1000 |
By balance c/d | 1000 |

Conclusion:

The errors were corrected, and the suspense account was balanced. The final trial balance would now be prepared, including the corrected entries.
Community Answer
The debit side of trial balance showed 1000/- less than the credit sid...
In the suspense account,
items that should be debited are :
1. To balance b/d 1,000
2 To y traders a/c 72
3. To purchases a/c. 188



items should be credited are:-
1. By cus A/c. 300
2. By X's a/c 700
3. By s. drs a/c. 260



total of both dr and cr. side is 1260.
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The debit side of trial balance showed 1000/- less than the credit side .the suspense acc was debited with 1000/- later on following errors were detected. Prepare suspense account a) goods return 300 entered in the cus acc but not posted to his acc b) goods sold to X on credit for700 was entered in sales book but not posted to his acc C) 580 paid by y traders was credited to their acc508 d) 260 due from d was not enterd in schedule of S. Drs e) purchase book was overcast by 188?
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The debit side of trial balance showed 1000/- less than the credit side .the suspense acc was debited with 1000/- later on following errors were detected. Prepare suspense account a) goods return 300 entered in the cus acc but not posted to his acc b) goods sold to X on credit for700 was entered in sales book but not posted to his acc C) 580 paid by y traders was credited to their acc508 d) 260 due from d was not enterd in schedule of S. Drs e) purchase book was overcast by 188? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about The debit side of trial balance showed 1000/- less than the credit side .the suspense acc was debited with 1000/- later on following errors were detected. Prepare suspense account a) goods return 300 entered in the cus acc but not posted to his acc b) goods sold to X on credit for700 was entered in sales book but not posted to his acc C) 580 paid by y traders was credited to their acc508 d) 260 due from d was not enterd in schedule of S. Drs e) purchase book was overcast by 188? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The debit side of trial balance showed 1000/- less than the credit side .the suspense acc was debited with 1000/- later on following errors were detected. Prepare suspense account a) goods return 300 entered in the cus acc but not posted to his acc b) goods sold to X on credit for700 was entered in sales book but not posted to his acc C) 580 paid by y traders was credited to their acc508 d) 260 due from d was not enterd in schedule of S. Drs e) purchase book was overcast by 188?.
Solutions for The debit side of trial balance showed 1000/- less than the credit side .the suspense acc was debited with 1000/- later on following errors were detected. Prepare suspense account a) goods return 300 entered in the cus acc but not posted to his acc b) goods sold to X on credit for700 was entered in sales book but not posted to his acc C) 580 paid by y traders was credited to their acc508 d) 260 due from d was not enterd in schedule of S. Drs e) purchase book was overcast by 188? in English & in Hindi are available as part of our courses for CA Foundation. Download more important topics, notes, lectures and mock test series for CA Foundation Exam by signing up for free.
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