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23. A Trader putting the difference in the Trial Balance in a Suspense Account, prepare Final Account. On subsequent scruting the following errors were detected. Rectify them.
(a) Retum Inward Book was overcast by 300.
(b) 200 being the total of the discount column on the debit side of the Cash Book was not posted in General Ledger.
(c) 8,000 being the cost of Office Equipment was entered in the Purchase Account.
(d) A credit purchase of 870 was wrongly posted as 780 to the Supplier's Account in the Bought Ledger.
(e) Closing Stock was understated by ₹ 3,500 being casting errors in the schedule of inventory.
show the suspense account?
(a) Retum Inward Book was overcast by 300.
(b) 200 being the total of the discount column on the debit side of the Cash Book was not posted in General Ledger.
(c) 8,000 being the cost of Office Equipment was entered in the Purchase Account.
(d) A credit purchase of 870 was wrongly posted as 780 to the Supplier's Account in the Bought Ledger.
(e) Closing Stock was understated by ₹ 3,500 being casting errors in the schedule of inventory.
show the suspense account?
Most Upvoted Answer
23. A Trader putting the difference in the Trial Balance in a Suspense...
Rectification of Errors in Final Accounts
Suspense Account
- Debit side:
- Return Inward Book overcast by 300
- Cost of Office Equipment entered in the Purchase Account
- Credit purchase of 870 wrongly posted as 780 to Supplier's Account
- Closing Stock understated by ₹ 3,500
- Credit side:
- Total discount of 200 not posted in General Ledger
Rectification of Errors
Return Inward Book
- Correct the overcasting error by deducting 300 from the Return Inward Book.
Discount Column in Cash Book
- Post the total discount of 200 to the General Ledger.
Cost of Office Equipment
- Transfer the amount of 8,000 from the Purchase Account to the Office Equipment Account.
Supplier's Account
- Amend the credit purchase entry from 780 to the correct amount of 870 in the Supplier's Account.
Closing Stock
- Adjust the Closing Stock by adding ₹ 3,500 to correct the understatement.
By rectifying these errors and adjusting the Suspense Account accordingly, the Final Accounts will now reflect the accurate financial position of the business.
Suspense Account
- Debit side:
- Return Inward Book overcast by 300
- Cost of Office Equipment entered in the Purchase Account
- Credit purchase of 870 wrongly posted as 780 to Supplier's Account
- Closing Stock understated by ₹ 3,500
- Credit side:
- Total discount of 200 not posted in General Ledger
Rectification of Errors
Return Inward Book
- Correct the overcasting error by deducting 300 from the Return Inward Book.
Discount Column in Cash Book
- Post the total discount of 200 to the General Ledger.
Cost of Office Equipment
- Transfer the amount of 8,000 from the Purchase Account to the Office Equipment Account.
Supplier's Account
- Amend the credit purchase entry from 780 to the correct amount of 870 in the Supplier's Account.
Closing Stock
- Adjust the Closing Stock by adding ₹ 3,500 to correct the understatement.
By rectifying these errors and adjusting the Suspense Account accordingly, the Final Accounts will now reflect the accurate financial position of the business.
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23. A Trader putting the difference in the Trial Balance in a Suspense Account, prepare Final Account. On subsequent scruting the following errors were detected. Rectify them.(a) Retum Inward Book was overcast by 300.(b) 200 being the total of the discount column on the debit side of the Cash Book was not posted in General Ledger.(c) 8,000 being the cost of Office Equipment was entered in the Purchase Account.(d) A credit purchase of 870 was wrongly posted as 780 to the Supplier's Account in the Bought Ledger.(e) Closing Stock was understated by ₹ 3,500 being casting errors in the schedule of inventory.show the suspense account?
Question Description
23. A Trader putting the difference in the Trial Balance in a Suspense Account, prepare Final Account. On subsequent scruting the following errors were detected. Rectify them.(a) Retum Inward Book was overcast by 300.(b) 200 being the total of the discount column on the debit side of the Cash Book was not posted in General Ledger.(c) 8,000 being the cost of Office Equipment was entered in the Purchase Account.(d) A credit purchase of 870 was wrongly posted as 780 to the Supplier's Account in the Bought Ledger.(e) Closing Stock was understated by ₹ 3,500 being casting errors in the schedule of inventory.show the suspense account? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about 23. A Trader putting the difference in the Trial Balance in a Suspense Account, prepare Final Account. On subsequent scruting the following errors were detected. Rectify them.(a) Retum Inward Book was overcast by 300.(b) 200 being the total of the discount column on the debit side of the Cash Book was not posted in General Ledger.(c) 8,000 being the cost of Office Equipment was entered in the Purchase Account.(d) A credit purchase of 870 was wrongly posted as 780 to the Supplier's Account in the Bought Ledger.(e) Closing Stock was understated by ₹ 3,500 being casting errors in the schedule of inventory.show the suspense account? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for 23. A Trader putting the difference in the Trial Balance in a Suspense Account, prepare Final Account. On subsequent scruting the following errors were detected. Rectify them.(a) Retum Inward Book was overcast by 300.(b) 200 being the total of the discount column on the debit side of the Cash Book was not posted in General Ledger.(c) 8,000 being the cost of Office Equipment was entered in the Purchase Account.(d) A credit purchase of 870 was wrongly posted as 780 to the Supplier's Account in the Bought Ledger.(e) Closing Stock was understated by ₹ 3,500 being casting errors in the schedule of inventory.show the suspense account?.
23. A Trader putting the difference in the Trial Balance in a Suspense Account, prepare Final Account. On subsequent scruting the following errors were detected. Rectify them.(a) Retum Inward Book was overcast by 300.(b) 200 being the total of the discount column on the debit side of the Cash Book was not posted in General Ledger.(c) 8,000 being the cost of Office Equipment was entered in the Purchase Account.(d) A credit purchase of 870 was wrongly posted as 780 to the Supplier's Account in the Bought Ledger.(e) Closing Stock was understated by ₹ 3,500 being casting errors in the schedule of inventory.show the suspense account? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about 23. A Trader putting the difference in the Trial Balance in a Suspense Account, prepare Final Account. On subsequent scruting the following errors were detected. Rectify them.(a) Retum Inward Book was overcast by 300.(b) 200 being the total of the discount column on the debit side of the Cash Book was not posted in General Ledger.(c) 8,000 being the cost of Office Equipment was entered in the Purchase Account.(d) A credit purchase of 870 was wrongly posted as 780 to the Supplier's Account in the Bought Ledger.(e) Closing Stock was understated by ₹ 3,500 being casting errors in the schedule of inventory.show the suspense account? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for 23. A Trader putting the difference in the Trial Balance in a Suspense Account, prepare Final Account. On subsequent scruting the following errors were detected. Rectify them.(a) Retum Inward Book was overcast by 300.(b) 200 being the total of the discount column on the debit side of the Cash Book was not posted in General Ledger.(c) 8,000 being the cost of Office Equipment was entered in the Purchase Account.(d) A credit purchase of 870 was wrongly posted as 780 to the Supplier's Account in the Bought Ledger.(e) Closing Stock was understated by ₹ 3,500 being casting errors in the schedule of inventory.show the suspense account?.
Solutions for 23. A Trader putting the difference in the Trial Balance in a Suspense Account, prepare Final Account. On subsequent scruting the following errors were detected. Rectify them.(a) Retum Inward Book was overcast by 300.(b) 200 being the total of the discount column on the debit side of the Cash Book was not posted in General Ledger.(c) 8,000 being the cost of Office Equipment was entered in the Purchase Account.(d) A credit purchase of 870 was wrongly posted as 780 to the Supplier's Account in the Bought Ledger.(e) Closing Stock was understated by ₹ 3,500 being casting errors in the schedule of inventory.show the suspense account? in English & in Hindi are available as part of our courses for UPSC.
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Here you can find the meaning of 23. A Trader putting the difference in the Trial Balance in a Suspense Account, prepare Final Account. On subsequent scruting the following errors were detected. Rectify them.(a) Retum Inward Book was overcast by 300.(b) 200 being the total of the discount column on the debit side of the Cash Book was not posted in General Ledger.(c) 8,000 being the cost of Office Equipment was entered in the Purchase Account.(d) A credit purchase of 870 was wrongly posted as 780 to the Supplier's Account in the Bought Ledger.(e) Closing Stock was understated by ₹ 3,500 being casting errors in the schedule of inventory.show the suspense account? defined & explained in the simplest way possible. Besides giving the explanation of
23. A Trader putting the difference in the Trial Balance in a Suspense Account, prepare Final Account. On subsequent scruting the following errors were detected. Rectify them.(a) Retum Inward Book was overcast by 300.(b) 200 being the total of the discount column on the debit side of the Cash Book was not posted in General Ledger.(c) 8,000 being the cost of Office Equipment was entered in the Purchase Account.(d) A credit purchase of 870 was wrongly posted as 780 to the Supplier's Account in the Bought Ledger.(e) Closing Stock was understated by ₹ 3,500 being casting errors in the schedule of inventory.show the suspense account?, a detailed solution for 23. A Trader putting the difference in the Trial Balance in a Suspense Account, prepare Final Account. On subsequent scruting the following errors were detected. Rectify them.(a) Retum Inward Book was overcast by 300.(b) 200 being the total of the discount column on the debit side of the Cash Book was not posted in General Ledger.(c) 8,000 being the cost of Office Equipment was entered in the Purchase Account.(d) A credit purchase of 870 was wrongly posted as 780 to the Supplier's Account in the Bought Ledger.(e) Closing Stock was understated by ₹ 3,500 being casting errors in the schedule of inventory.show the suspense account? has been provided alongside types of 23. A Trader putting the difference in the Trial Balance in a Suspense Account, prepare Final Account. On subsequent scruting the following errors were detected. Rectify them.(a) Retum Inward Book was overcast by 300.(b) 200 being the total of the discount column on the debit side of the Cash Book was not posted in General Ledger.(c) 8,000 being the cost of Office Equipment was entered in the Purchase Account.(d) A credit purchase of 870 was wrongly posted as 780 to the Supplier's Account in the Bought Ledger.(e) Closing Stock was understated by ₹ 3,500 being casting errors in the schedule of inventory.show the suspense account? theory, EduRev gives you an
ample number of questions to practice 23. A Trader putting the difference in the Trial Balance in a Suspense Account, prepare Final Account. On subsequent scruting the following errors were detected. Rectify them.(a) Retum Inward Book was overcast by 300.(b) 200 being the total of the discount column on the debit side of the Cash Book was not posted in General Ledger.(c) 8,000 being the cost of Office Equipment was entered in the Purchase Account.(d) A credit purchase of 870 was wrongly posted as 780 to the Supplier's Account in the Bought Ledger.(e) Closing Stock was understated by ₹ 3,500 being casting errors in the schedule of inventory.show the suspense account? tests, examples and also practice UPSC tests.
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