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Read the following hypothetical Case Study and answer the given questions:An accountant while balancing his books on 31st December 2016 found that there was a difference of ₹270 in the trial balance. Being required to prepare the final accounts he placed the difference to a newly opened Suspense A/c, which was carried forward to the next year when the following errors were discovered: Salary for the month of March was posted twice ₹155. Interest on investment collected by the bankers, were posted directly in concerned accounts through the pass book, but no entry was made in the bank column of the cash book ₹75. Rent of ₹350 received from Ashok credited both to Rent Account and Ashok Account. A purchase of a chair from Karnal Furniture Mart for ₹65 has been entered in the purchase book as ₹56. Old Machinery sold to the proprietor Keshav for ₹400 was entered in the Sales Book as sale to Kishore. Cash Purchases from Ajay ₹189 were recorded in Cash Book as well as in Purchases Book and posted from both. Closing Stock has been undervalued by ₹300. The Profit & Loss Account disclosed a net profit of ₹15,000 for the year ended 31st March 2016. Q. What will be the rectification entry of the salary for the month of march posted twice?a)Suspense A/c Dr. 155To Profit & Loss Adjustment A/c 155(Being rectification of salary posted twice in the books)b)Suspense A/c Dr. 310To Profit & Loss Adjustment A/c 310(Being rectification of salary posted twice in the books)c)Profit & Loss Adjustment A/c Dr. 155To Suspense A/c 155(Being rectification of salary posted twice in the books)d)Profit & Loss Adjustment A/c Dr. 155o Suspense A/c 155(Being rectification of salary posted twice in the books)Correct answer is option 'A'. Can you explain this answer? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Read the following hypothetical Case Study and answer the given questions:An accountant while balancing his books on 31st December 2016 found that there was a difference of ₹270 in the trial balance. Being required to prepare the final accounts he placed the difference to a newly opened Suspense A/c, which was carried forward to the next year when the following errors were discovered: Salary for the month of March was posted twice ₹155. Interest on investment collected by the bankers, were posted directly in concerned accounts through the pass book, but no entry was made in the bank column of the cash book ₹75. Rent of ₹350 received from Ashok credited both to Rent Account and Ashok Account. A purchase of a chair from Karnal Furniture Mart for ₹65 has been entered in the purchase book as ₹56. Old Machinery sold to the proprietor Keshav for ₹400 was entered in the Sales Book as sale to Kishore. Cash Purchases from Ajay ₹189 were recorded in Cash Book as well as in Purchases Book and posted from both. Closing Stock has been undervalued by ₹300. The Profit & Loss Account disclosed a net profit of ₹15,000 for the year ended 31st March 2016. Q. What will be the rectification entry of the salary for the month of march posted twice?a)Suspense A/c Dr. 155To Profit & Loss Adjustment A/c 155(Being rectification of salary posted twice in the books)b)Suspense A/c Dr. 310To Profit & Loss Adjustment A/c 310(Being rectification of salary posted twice in the books)c)Profit & Loss Adjustment A/c Dr. 155To Suspense A/c 155(Being rectification of salary posted twice in the books)d)Profit & Loss Adjustment A/c Dr. 155o Suspense A/c 155(Being rectification of salary posted twice in the books)Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Read the following hypothetical Case Study and answer the given questions:An accountant while balancing his books on 31st December 2016 found that there was a difference of ₹270 in the trial balance. Being required to prepare the final accounts he placed the difference to a newly opened Suspense A/c, which was carried forward to the next year when the following errors were discovered: Salary for the month of March was posted twice ₹155. Interest on investment collected by the bankers, were posted directly in concerned accounts through the pass book, but no entry was made in the bank column of the cash book ₹75. Rent of ₹350 received from Ashok credited both to Rent Account and Ashok Account. A purchase of a chair from Karnal Furniture Mart for ₹65 has been entered in the purchase book as ₹56. Old Machinery sold to the proprietor Keshav for ₹400 was entered in the Sales Book as sale to Kishore. Cash Purchases from Ajay ₹189 were recorded in Cash Book as well as in Purchases Book and posted from both. Closing Stock has been undervalued by ₹300. The Profit & Loss Account disclosed a net profit of ₹15,000 for the year ended 31st March 2016. Q. What will be the rectification entry of the salary for the month of march posted twice?a)Suspense A/c Dr. 155To Profit & Loss Adjustment A/c 155(Being rectification of salary posted twice in the books)b)Suspense A/c Dr. 310To Profit & Loss Adjustment A/c 310(Being rectification of salary posted twice in the books)c)Profit & Loss Adjustment A/c Dr. 155To Suspense A/c 155(Being rectification of salary posted twice in the books)d)Profit & Loss Adjustment A/c Dr. 155o Suspense A/c 155(Being rectification of salary posted twice in the books)Correct answer is option 'A'. Can you explain this answer?.

Solutions for Read the following hypothetical Case Study and answer the given questions:An accountant while balancing his books on 31st December 2016 found that there was a difference of ₹270 in the trial balance. Being required to prepare the final accounts he placed the difference to a newly opened Suspense A/c, which was carried forward to the next year when the following errors were discovered: Salary for the month of March was posted twice ₹155. Interest on investment collected by the bankers, were posted directly in concerned accounts through the pass book, but no entry was made in the bank column of the cash book ₹75. Rent of ₹350 received from Ashok credited both to Rent Account and Ashok Account. A purchase of a chair from Karnal Furniture Mart for ₹65 has been entered in the purchase book as ₹56. Old Machinery sold to the proprietor Keshav for ₹400 was entered in the Sales Book as sale to Kishore. Cash Purchases from Ajay ₹189 were recorded in Cash Book as well as in Purchases Book and posted from both. Closing Stock has been undervalued by ₹300. The Profit & Loss Account disclosed a net profit of ₹15,000 for the year ended 31st March 2016. Q. What will be the rectification entry of the salary for the month of march posted twice?a)Suspense A/c Dr. 155To Profit & Loss Adjustment A/c 155(Being rectification of salary posted twice in the books)b)Suspense A/c Dr. 310To Profit & Loss Adjustment A/c 310(Being rectification of salary posted twice in the books)c)Profit & Loss Adjustment A/c Dr. 155To Suspense A/c 155(Being rectification of salary posted twice in the books)d)Profit & Loss Adjustment A/c Dr. 155o Suspense A/c 155(Being rectification of salary posted twice in the books)Correct answer is option 'A'. Can you explain this answer? in English & in Hindi are available as part of our courses for Commerce. Download more important topics, notes, lectures and mock test series for Commerce Exam by signing up for free.

Here you can find the meaning of Read the following hypothetical Case Study and answer the given questions:An accountant while balancing his books on 31st December 2016 found that there was a difference of ₹270 in the trial balance. Being required to prepare the final accounts he placed the difference to a newly opened Suspense A/c, which was carried forward to the next year when the following errors were discovered: Salary for the month of March was posted twice ₹155. Interest on investment collected by the bankers, were posted directly in concerned accounts through the pass book, but no entry was made in the bank column of the cash book ₹75. Rent of ₹350 received from Ashok credited both to Rent Account and Ashok Account. A purchase of a chair from Karnal Furniture Mart for ₹65 has been entered in the purchase book as ₹56. Old Machinery sold to the proprietor Keshav for ₹400 was entered in the Sales Book as sale to Kishore. Cash Purchases from Ajay ₹189 were recorded in Cash Book as well as in Purchases Book and posted from both. Closing Stock has been undervalued by ₹300. The Profit & Loss Account disclosed a net profit of ₹15,000 for the year ended 31st March 2016. Q. What will be the rectification entry of the salary for the month of march posted twice?a)Suspense A/c Dr. 155To Profit & Loss Adjustment A/c 155(Being rectification of salary posted twice in the books)b)Suspense A/c Dr. 310To Profit & Loss Adjustment A/c 310(Being rectification of salary posted twice in the books)c)Profit & Loss Adjustment A/c Dr. 155To Suspense A/c 155(Being rectification of salary posted twice in the books)d)Profit & Loss Adjustment A/c Dr. 155o Suspense A/c 155(Being rectification of salary posted twice in the books)Correct answer is option 'A'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of Read the following hypothetical Case Study and answer the given questions:An accountant while balancing his books on 31st December 2016 found that there was a difference of ₹270 in the trial balance. Being required to prepare the final accounts he placed the difference to a newly opened Suspense A/c, which was carried forward to the next year when the following errors were discovered: Salary for the month of March was posted twice ₹155. Interest on investment collected by the bankers, were posted directly in concerned accounts through the pass book, but no entry was made in the bank column of the cash book ₹75. Rent of ₹350 received from Ashok credited both to Rent Account and Ashok Account. A purchase of a chair from Karnal Furniture Mart for ₹65 has been entered in the purchase book as ₹56. Old Machinery sold to the proprietor Keshav for ₹400 was entered in the Sales Book as sale to Kishore. Cash Purchases from Ajay ₹189 were recorded in Cash Book as well as in Purchases Book and posted from both. Closing Stock has been undervalued by ₹300. The Profit & Loss Account disclosed a net profit of ₹15,000 for the year ended 31st March 2016. Q. What will be the rectification entry of the salary for the month of march posted twice?a)Suspense A/c Dr. 155To Profit & Loss Adjustment A/c 155(Being rectification of salary posted twice in the books)b)Suspense A/c Dr. 310To Profit & Loss Adjustment A/c 310(Being rectification of salary posted twice in the books)c)Profit & Loss Adjustment A/c Dr. 155To Suspense A/c 155(Being rectification of salary posted twice in the books)d)Profit & Loss Adjustment A/c Dr. 155o Suspense A/c 155(Being rectification of salary posted twice in the books)Correct answer is option 'A'. Can you explain this answer?, a detailed solution for Read the following hypothetical Case Study and answer the given questions:An accountant while balancing his books on 31st December 2016 found that there was a difference of ₹270 in the trial balance. Being required to prepare the final accounts he placed the difference to a newly opened Suspense A/c, which was carried forward to the next year when the following errors were discovered: Salary for the month of March was posted twice ₹155. Interest on investment collected by the bankers, were posted directly in concerned accounts through the pass book, but no entry was made in the bank column of the cash book ₹75. Rent of ₹350 received from Ashok credited both to Rent Account and Ashok Account. A purchase of a chair from Karnal Furniture Mart for ₹65 has been entered in the purchase book as ₹56. Old Machinery sold to the proprietor Keshav for ₹400 was entered in the Sales Book as sale to Kishore. Cash Purchases from Ajay ₹189 were recorded in Cash Book as well as in Purchases Book and posted from both. Closing Stock has been undervalued by ₹300. The Profit & Loss Account disclosed a net profit of ₹15,000 for the year ended 31st March 2016. Q. What will be the rectification entry of the salary for the month of march posted twice?a)Suspense A/c Dr. 155To Profit & Loss Adjustment A/c 155(Being rectification of salary posted twice in the books)b)Suspense A/c Dr. 310To Profit & Loss Adjustment A/c 310(Being rectification of salary posted twice in the books)c)Profit & Loss Adjustment A/c Dr. 155To Suspense A/c 155(Being rectification of salary posted twice in the books)d)Profit & Loss Adjustment A/c Dr. 155o Suspense A/c 155(Being rectification of salary posted twice in the books)Correct answer is option 'A'. Can you explain this answer? has been provided alongside types of Read the following hypothetical Case Study and answer the given questions:An accountant while balancing his books on 31st December 2016 found that there was a difference of ₹270 in the trial balance. Being required to prepare the final accounts he placed the difference to a newly opened Suspense A/c, which was carried forward to the next year when the following errors were discovered: Salary for the month of March was posted twice ₹155. Interest on investment collected by the bankers, were posted directly in concerned accounts through the pass book, but no entry was made in the bank column of the cash book ₹75. Rent of ₹350 received from Ashok credited both to Rent Account and Ashok Account. A purchase of a chair from Karnal Furniture Mart for ₹65 has been entered in the purchase book as ₹56. Old Machinery sold to the proprietor Keshav for ₹400 was entered in the Sales Book as sale to Kishore. Cash Purchases from Ajay ₹189 were recorded in Cash Book as well as in Purchases Book and posted from both. Closing Stock has been undervalued by ₹300. The Profit & Loss Account disclosed a net profit of ₹15,000 for the year ended 31st March 2016. Q. What will be the rectification entry of the salary for the month of march posted twice?a)Suspense A/c Dr. 155To Profit & Loss Adjustment A/c 155(Being rectification of salary posted twice in the books)b)Suspense A/c Dr. 310To Profit & Loss Adjustment A/c 310(Being rectification of salary posted twice in the books)c)Profit & Loss Adjustment A/c Dr. 155To Suspense A/c 155(Being rectification of salary posted twice in the books)d)Profit & Loss Adjustment A/c Dr. 155o Suspense A/c 155(Being rectification of salary posted twice in the books)Correct answer is option 'A'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice Read the following hypothetical Case Study and answer the given questions:An accountant while balancing his books on 31st December 2016 found that there was a difference of ₹270 in the trial balance. Being required to prepare the final accounts he placed the difference to a newly opened Suspense A/c, which was carried forward to the next year when the following errors were discovered: Salary for the month of March was posted twice ₹155. Interest on investment collected by the bankers, were posted directly in concerned accounts through the pass book, but no entry was made in the bank column of the cash book ₹75. Rent of ₹350 received from Ashok credited both to Rent Account and Ashok Account. A purchase of a chair from Karnal Furniture Mart for ₹65 has been entered in the purchase book as ₹56. Old Machinery sold to the proprietor Keshav for ₹400 was entered in the Sales Book as sale to Kishore. Cash Purchases from Ajay ₹189 were recorded in Cash Book as well as in Purchases Book and posted from both. Closing Stock has been undervalued by ₹300. The Profit & Loss Account disclosed a net profit of ₹15,000 for the year ended 31st March 2016. Q. What will be the rectification entry of the salary for the month of march posted twice?a)Suspense A/c Dr. 155To Profit & Loss Adjustment A/c 155(Being rectification of salary posted twice in the books)b)Suspense A/c Dr. 310To Profit & Loss Adjustment A/c 310(Being rectification of salary posted twice in the books)c)Profit & Loss Adjustment A/c Dr. 155To Suspense A/c 155(Being rectification of salary posted twice in the books)d)Profit & Loss Adjustment A/c Dr. 155o Suspense A/c 155(Being rectification of salary posted twice in the books)Correct answer is option 'A'. Can you explain this answer? tests, examples and also practice Commerce tests.