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A bookkeeper finds that the debit column of the trial balance is short by rupees 308 and the difference is put to a suspense account subsequently the following errors were located rectify the errors and prepare suspense?
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A bookkeeper finds that the debit column of the trial balance is short...
Identification of Errors:
- The debit column of the trial balance is short by rupees 308.
- The difference has been put to a suspense account.
Rectification of Errors:
- Upon further investigation, the following errors were located:
1. A payment of rupees 80 to a creditor was debited to his personal account as well as credited to the bank account.
2. A purchase of office furniture for rupees 120 was posted to purchases account as well as furniture account.
3. An amount of rupees 100 received from a debtor was posted to the bank account but omitted to be credited to the debtor's account.
Rectifying Entries:
1. Debit the creditor's personal account and credit the bank account with rupees 80.
2. Debit the furniture account and credit the purchases account with rupees 120.
3. Debit the bank account and credit the debtor's account with rupees 100.
Preparation of Suspense Account:
- After rectifying the errors, check if the trial balance tallies. If it does, close the suspense account by transferring the balance to the appropriate accounts. If not, continue investigating and rectifying errors until the trial balance tallies.
By following these steps, the errors have been identified, rectified, and the suspense account has been managed effectively.
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A bookkeeper finds that the debit column of the trial balance is short by rupees 308 and the difference is put to a suspense account subsequently the following errors were located rectify the errors and prepare suspense?
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A bookkeeper finds that the debit column of the trial balance is short by rupees 308 and the difference is put to a suspense account subsequently the following errors were located rectify the errors and prepare suspense? 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 A bookkeeper finds that the debit column of the trial balance is short by rupees 308 and the difference is put to a suspense account subsequently the following errors were located rectify the errors and prepare suspense? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A bookkeeper finds that the debit column of the trial balance is short by rupees 308 and the difference is put to a suspense account subsequently the following errors were located rectify the errors and prepare suspense?.
A bookkeeper finds that the debit column of the trial balance is short by rupees 308 and the difference is put to a suspense account subsequently the following errors were located rectify the errors and prepare suspense? 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 A bookkeeper finds that the debit column of the trial balance is short by rupees 308 and the difference is put to a suspense account subsequently the following errors were located rectify the errors and prepare suspense? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A bookkeeper finds that the debit column of the trial balance is short by rupees 308 and the difference is put to a suspense account subsequently the following errors were located rectify the errors and prepare suspense?.
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