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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 journal entry?
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 journal entry?
Most Upvoted Answer
Trader putting the difference in the Trial Balance in a Suspense Accou...
Rectification of Errors in Final Accounts:
1. Rectification of Overcast in Return Inward Book:
- Journal Entry:
- Return Inward Book A/c Dr. 300
To Suspense A/c 300
2. Rectification of Discount Column Error:
- Journal Entry:
- Suspense A/c Dr. 200
To Discount A/c 200
3. Rectification of Office Equipment Cost:
- Journal Entry:
- Purchase A/c Dr. 8,000
To Office Equipment A/c 8,000
4. Rectification of Wrong Posting in Supplier's Account:
- Journal Entry:
- Supplier's Account Dr. 90
To Suspense A/c 90
5. Rectification of Understated Closing Stock:
- Journal Entry:
- Suspense A/c Dr. 3,500
To Closing Stock A/c 3,500
By making the above journal entries, the errors in the Trial Balance will be rectified, and the Suspense Account will be cleared. This will ensure that the Final Accounts reflect the correct financial position of the business.
1. Rectification of Overcast in Return Inward Book:
- Journal Entry:
- Return Inward Book A/c Dr. 300
To Suspense A/c 300
2. Rectification of Discount Column Error:
- Journal Entry:
- Suspense A/c Dr. 200
To Discount A/c 200
3. Rectification of Office Equipment Cost:
- Journal Entry:
- Purchase A/c Dr. 8,000
To Office Equipment A/c 8,000
4. Rectification of Wrong Posting in Supplier's Account:
- Journal Entry:
- Supplier's Account Dr. 90
To Suspense A/c 90
5. Rectification of Understated Closing Stock:
- Journal Entry:
- Suspense A/c Dr. 3,500
To Closing Stock A/c 3,500
By making the above journal entries, the errors in the Trial Balance will be rectified, and the Suspense Account will be cleared. This will ensure that the Final Accounts reflect the correct financial position of the business.
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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 journal entry?
Question Description
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 journal entry? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about 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 journal entry? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for 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 journal entry?.
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 journal entry? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about 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 journal entry? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for 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 journal entry?.
Solutions for 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 journal entry? in English & in Hindi are available as part of our courses for UPSC.
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