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On 31st March, 20X2, a book-keeper finds the difference in the Trial Balance and he puts it in the Suspense Account, Later on he detects the following errors: (i) Rs. 50,000 received from A was posted to the debit of his Account. (ii) Rs. 20,000 being purchases returns were posted to the debit of Purchases Account. (iii) Discount of Rs. 8,000 received were posted to the debit of Discount Account. s?
Most Upvoted Answer
On 31st March, 20X2, a book-keeper finds the difference in the Trial B...
Solution:
Errors:
(i) Rs. 50,000 received from A was posted to the debit of his Account.
(ii) Rs. 20,000 being purchases returns were posted to the debit of Purchases Account.
(iii) Discount of Rs. 8,000 received were posted to the debit of Discount Account.
Impact of Errors on Trial Balance:
The above errors will cause a difference in the Trial Balance. This difference will be equal to the amount posted in the Suspense Account.
Correction of Errors:
(i) Rs. 50,000 received from A was posted to the debit of his Account.
This error can be corrected by debiting the Suspense Account and crediting A's Account for Rs. 50,000.
(ii) Rs. 20,000 being purchases returns were posted to the debit of Purchases Account.
This error can be corrected by debiting the Purchases Returns Account and crediting the Suspense Account for Rs. 20,000.
(iii) Discount of Rs. 8,000 received were posted to the debit of Discount Account.
This error can be corrected by debiting the Suspense Account and crediting the Discount Account for Rs. 8,000.
Final Treatment:
After correcting the errors, the Suspense Account will be balanced. The balance of the Suspense Account will be the difference in the Trial Balance. This balance will be transferred to the appropriate side of the Trial Balance to balance it.
Conclusion:
In this way, the above errors can be corrected and the Trial Balance can be balanced. It is important to detect and correct errors in the accounts to ensure the accuracy of financial statements.
Errors:
(i) Rs. 50,000 received from A was posted to the debit of his Account.
(ii) Rs. 20,000 being purchases returns were posted to the debit of Purchases Account.
(iii) Discount of Rs. 8,000 received were posted to the debit of Discount Account.
Impact of Errors on Trial Balance:
The above errors will cause a difference in the Trial Balance. This difference will be equal to the amount posted in the Suspense Account.
Correction of Errors:
(i) Rs. 50,000 received from A was posted to the debit of his Account.
This error can be corrected by debiting the Suspense Account and crediting A's Account for Rs. 50,000.
(ii) Rs. 20,000 being purchases returns were posted to the debit of Purchases Account.
This error can be corrected by debiting the Purchases Returns Account and crediting the Suspense Account for Rs. 20,000.
(iii) Discount of Rs. 8,000 received were posted to the debit of Discount Account.
This error can be corrected by debiting the Suspense Account and crediting the Discount Account for Rs. 8,000.
Final Treatment:
After correcting the errors, the Suspense Account will be balanced. The balance of the Suspense Account will be the difference in the Trial Balance. This balance will be transferred to the appropriate side of the Trial Balance to balance it.
Conclusion:
In this way, the above errors can be corrected and the Trial Balance can be balanced. It is important to detect and correct errors in the accounts to ensure the accuracy of financial statements.
Community Answer
On 31st March, 20X2, a book-keeper finds the difference in the Trial B...
1. Suspense a/c Dr 1,00,000
To A a/c 1,00,000
(Being rectification of wrong debit to A for amount received from him)
2. Suspense a/c Dr 40,000
To Purchases a/c. 20,000
To Purchase return a/c 20,000
(Being rectification of wrong debit to purchase a/c and omission of purchase return a/c)
3. Suspense a/c Dr 16,000
To discount a/c 16,000
(Being rectification of discount received wrongly entered)
To A a/c 1,00,000
(Being rectification of wrong debit to A for amount received from him)
2. Suspense a/c Dr 40,000
To Purchases a/c. 20,000
To Purchase return a/c 20,000
(Being rectification of wrong debit to purchase a/c and omission of purchase return a/c)
3. Suspense a/c Dr 16,000
To discount a/c 16,000
(Being rectification of discount received wrongly entered)
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On 31st March, 20X2, a book-keeper finds the difference in the Trial Balance and he puts it in the Suspense Account, Later on he detects the following errors: (i) Rs. 50,000 received from A was posted to the debit of his Account. (ii) Rs. 20,000 being purchases returns were posted to the debit of Purchases Account. (iii) Discount of Rs. 8,000 received were posted to the debit of Discount Account. s?
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On 31st March, 20X2, a book-keeper finds the difference in the Trial Balance and he puts it in the Suspense Account, Later on he detects the following errors: (i) Rs. 50,000 received from A was posted to the debit of his Account. (ii) Rs. 20,000 being purchases returns were posted to the debit of Purchases Account. (iii) Discount of Rs. 8,000 received were posted to the debit of Discount Account. s? 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 On 31st March, 20X2, a book-keeper finds the difference in the Trial Balance and he puts it in the Suspense Account, Later on he detects the following errors: (i) Rs. 50,000 received from A was posted to the debit of his Account. (ii) Rs. 20,000 being purchases returns were posted to the debit of Purchases Account. (iii) Discount of Rs. 8,000 received were posted to the debit of Discount Account. s? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for On 31st March, 20X2, a book-keeper finds the difference in the Trial Balance and he puts it in the Suspense Account, Later on he detects the following errors: (i) Rs. 50,000 received from A was posted to the debit of his Account. (ii) Rs. 20,000 being purchases returns were posted to the debit of Purchases Account. (iii) Discount of Rs. 8,000 received were posted to the debit of Discount Account. s?.
On 31st March, 20X2, a book-keeper finds the difference in the Trial Balance and he puts it in the Suspense Account, Later on he detects the following errors: (i) Rs. 50,000 received from A was posted to the debit of his Account. (ii) Rs. 20,000 being purchases returns were posted to the debit of Purchases Account. (iii) Discount of Rs. 8,000 received were posted to the debit of Discount Account. s? 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 On 31st March, 20X2, a book-keeper finds the difference in the Trial Balance and he puts it in the Suspense Account, Later on he detects the following errors: (i) Rs. 50,000 received from A was posted to the debit of his Account. (ii) Rs. 20,000 being purchases returns were posted to the debit of Purchases Account. (iii) Discount of Rs. 8,000 received were posted to the debit of Discount Account. s? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for On 31st March, 20X2, a book-keeper finds the difference in the Trial Balance and he puts it in the Suspense Account, Later on he detects the following errors: (i) Rs. 50,000 received from A was posted to the debit of his Account. (ii) Rs. 20,000 being purchases returns were posted to the debit of Purchases Account. (iii) Discount of Rs. 8,000 received were posted to the debit of Discount Account. s?.
Solutions for On 31st March, 20X2, a book-keeper finds the difference in the Trial Balance and he puts it in the Suspense Account, Later on he detects the following errors: (i) Rs. 50,000 received from A was posted to the debit of his Account. (ii) Rs. 20,000 being purchases returns were posted to the debit of Purchases Account. (iii) Discount of Rs. 8,000 received were posted to the debit of Discount Account. s? in English & in Hindi are available as part of our courses for CA Foundation.
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