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. Rectify the following errors which are detected after the preparation of Profit & Loss Account. The
Profit was found to be₹ 42,000; Ascertain the correct profit.
(a) A credit sales of 970 to Parimal was passed through the Sales Day Book as 790. (b) Addition of receipts side of the Cash Book was overstated by₹ 200.
(c) A credit purchase of 1,530 from Suresh was passed through the Purchase Day Book as 1,350.
(d) 2,000 was outstanding on account of wages but was not adjusted.
(e) Return outward Book was overcast by 600.
[Ans. Opening Dr. Balance of Suspense A/c 400, Correct Profit for the year 39,400.]
show the journal entry?
Profit was found to be₹ 42,000; Ascertain the correct profit.
(a) A credit sales of 970 to Parimal was passed through the Sales Day Book as 790. (b) Addition of receipts side of the Cash Book was overstated by₹ 200.
(c) A credit purchase of 1,530 from Suresh was passed through the Purchase Day Book as 1,350.
(d) 2,000 was outstanding on account of wages but was not adjusted.
(e) Return outward Book was overcast by 600.
[Ans. Opening Dr. Balance of Suspense A/c 400, Correct Profit for the year 39,400.]
show the journal entry?
Most Upvoted Answer
. Rectify the following errors which are detected after the preparatio...
Journal Entry to rectify errors in the Profit & Loss Account:
1. Correction of credit sales to Parimal:
- Debit Parimal's account by ₹180 (970 - 790).
- Credit Sales account by ₹180.
2. Correction of overstated Cash Book receipts:
- Debit Cash Book by ₹200.
- Credit Suspense account by ₹200.
3. Correction of credit purchase from Suresh:
- Debit Purchase account by ₹180 (1,530 - 1,350).
- Credit Suresh's account by ₹180.
4. Adjustment of outstanding wages:
- Debit Wages account by ₹2,000.
- Credit Suspense account by ₹2,000.
5. Correction of overcast in the Return Outward Book:
- Debit Return Outward account by ₹600.
- Credit Suspense account by ₹600.
6. Transfer remaining balance in Suspense account to correct Profit:
- Debit Suspense account by ₹39,400 (42,000 - 400 - 200 - 180 - 2,000 - 600).
- Credit Profit & Loss account by ₹39,400.
This journal entry corrects the errors in the Profit & Loss Account and adjusts the Suspense account to reflect the correct profit for the year.
1. Correction of credit sales to Parimal:
- Debit Parimal's account by ₹180 (970 - 790).
- Credit Sales account by ₹180.
2. Correction of overstated Cash Book receipts:
- Debit Cash Book by ₹200.
- Credit Suspense account by ₹200.
3. Correction of credit purchase from Suresh:
- Debit Purchase account by ₹180 (1,530 - 1,350).
- Credit Suresh's account by ₹180.
4. Adjustment of outstanding wages:
- Debit Wages account by ₹2,000.
- Credit Suspense account by ₹2,000.
5. Correction of overcast in the Return Outward Book:
- Debit Return Outward account by ₹600.
- Credit Suspense account by ₹600.
6. Transfer remaining balance in Suspense account to correct Profit:
- Debit Suspense account by ₹39,400 (42,000 - 400 - 200 - 180 - 2,000 - 600).
- Credit Profit & Loss account by ₹39,400.
This journal entry corrects the errors in the Profit & Loss Account and adjusts the Suspense account to reflect the correct profit for the year.
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. Rectify the following errors which are detected after the preparation of Profit & Loss Account. TheProfit was found to be₹ 42,000; Ascertain the correct profit.(a) A credit sales of 970 to Parimal was passed through the Sales Day Book as 790. (b) Addition of receipts side of the Cash Book was overstated by₹ 200.(c) A credit purchase of 1,530 from Suresh was passed through the Purchase Day Book as 1,350.(d) 2,000 was outstanding on account of wages but was not adjusted.(e) Return outward Book was overcast by 600.[Ans. Opening Dr. Balance of Suspense A/c 400, Correct Profit for the year 39,400.] show the journal entry?
Question Description
. Rectify the following errors which are detected after the preparation of Profit & Loss Account. TheProfit was found to be₹ 42,000; Ascertain the correct profit.(a) A credit sales of 970 to Parimal was passed through the Sales Day Book as 790. (b) Addition of receipts side of the Cash Book was overstated by₹ 200.(c) A credit purchase of 1,530 from Suresh was passed through the Purchase Day Book as 1,350.(d) 2,000 was outstanding on account of wages but was not adjusted.(e) Return outward Book was overcast by 600.[Ans. Opening Dr. Balance of Suspense A/c 400, Correct Profit for the year 39,400.] 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 . Rectify the following errors which are detected after the preparation of Profit & Loss Account. TheProfit was found to be₹ 42,000; Ascertain the correct profit.(a) A credit sales of 970 to Parimal was passed through the Sales Day Book as 790. (b) Addition of receipts side of the Cash Book was overstated by₹ 200.(c) A credit purchase of 1,530 from Suresh was passed through the Purchase Day Book as 1,350.(d) 2,000 was outstanding on account of wages but was not adjusted.(e) Return outward Book was overcast by 600.[Ans. Opening Dr. Balance of Suspense A/c 400, Correct Profit for the year 39,400.] show the journal entry? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for . Rectify the following errors which are detected after the preparation of Profit & Loss Account. TheProfit was found to be₹ 42,000; Ascertain the correct profit.(a) A credit sales of 970 to Parimal was passed through the Sales Day Book as 790. (b) Addition of receipts side of the Cash Book was overstated by₹ 200.(c) A credit purchase of 1,530 from Suresh was passed through the Purchase Day Book as 1,350.(d) 2,000 was outstanding on account of wages but was not adjusted.(e) Return outward Book was overcast by 600.[Ans. Opening Dr. Balance of Suspense A/c 400, Correct Profit for the year 39,400.] show the journal entry?.
. Rectify the following errors which are detected after the preparation of Profit & Loss Account. TheProfit was found to be₹ 42,000; Ascertain the correct profit.(a) A credit sales of 970 to Parimal was passed through the Sales Day Book as 790. (b) Addition of receipts side of the Cash Book was overstated by₹ 200.(c) A credit purchase of 1,530 from Suresh was passed through the Purchase Day Book as 1,350.(d) 2,000 was outstanding on account of wages but was not adjusted.(e) Return outward Book was overcast by 600.[Ans. Opening Dr. Balance of Suspense A/c 400, Correct Profit for the year 39,400.] 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 . Rectify the following errors which are detected after the preparation of Profit & Loss Account. TheProfit was found to be₹ 42,000; Ascertain the correct profit.(a) A credit sales of 970 to Parimal was passed through the Sales Day Book as 790. (b) Addition of receipts side of the Cash Book was overstated by₹ 200.(c) A credit purchase of 1,530 from Suresh was passed through the Purchase Day Book as 1,350.(d) 2,000 was outstanding on account of wages but was not adjusted.(e) Return outward Book was overcast by 600.[Ans. Opening Dr. Balance of Suspense A/c 400, Correct Profit for the year 39,400.] show the journal entry? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for . Rectify the following errors which are detected after the preparation of Profit & Loss Account. TheProfit was found to be₹ 42,000; Ascertain the correct profit.(a) A credit sales of 970 to Parimal was passed through the Sales Day Book as 790. (b) Addition of receipts side of the Cash Book was overstated by₹ 200.(c) A credit purchase of 1,530 from Suresh was passed through the Purchase Day Book as 1,350.(d) 2,000 was outstanding on account of wages but was not adjusted.(e) Return outward Book was overcast by 600.[Ans. Opening Dr. Balance of Suspense A/c 400, Correct Profit for the year 39,400.] show the journal entry?.
Solutions for . Rectify the following errors which are detected after the preparation of Profit & Loss Account. TheProfit was found to be₹ 42,000; Ascertain the correct profit.(a) A credit sales of 970 to Parimal was passed through the Sales Day Book as 790. (b) Addition of receipts side of the Cash Book was overstated by₹ 200.(c) A credit purchase of 1,530 from Suresh was passed through the Purchase Day Book as 1,350.(d) 2,000 was outstanding on account of wages but was not adjusted.(e) Return outward Book was overcast by 600.[Ans. Opening Dr. Balance of Suspense A/c 400, Correct Profit for the year 39,400.] show the journal entry? in English & in Hindi are available as part of our courses for UPSC.
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Here you can find the meaning of . Rectify the following errors which are detected after the preparation of Profit & Loss Account. TheProfit was found to be₹ 42,000; Ascertain the correct profit.(a) A credit sales of 970 to Parimal was passed through the Sales Day Book as 790. (b) Addition of receipts side of the Cash Book was overstated by₹ 200.(c) A credit purchase of 1,530 from Suresh was passed through the Purchase Day Book as 1,350.(d) 2,000 was outstanding on account of wages but was not adjusted.(e) Return outward Book was overcast by 600.[Ans. Opening Dr. Balance of Suspense A/c 400, Correct Profit for the year 39,400.] show the journal entry? defined & explained in the simplest way possible. Besides giving the explanation of
. Rectify the following errors which are detected after the preparation of Profit & Loss Account. TheProfit was found to be₹ 42,000; Ascertain the correct profit.(a) A credit sales of 970 to Parimal was passed through the Sales Day Book as 790. (b) Addition of receipts side of the Cash Book was overstated by₹ 200.(c) A credit purchase of 1,530 from Suresh was passed through the Purchase Day Book as 1,350.(d) 2,000 was outstanding on account of wages but was not adjusted.(e) Return outward Book was overcast by 600.[Ans. Opening Dr. Balance of Suspense A/c 400, Correct Profit for the year 39,400.] show the journal entry?, a detailed solution for . Rectify the following errors which are detected after the preparation of Profit & Loss Account. TheProfit was found to be₹ 42,000; Ascertain the correct profit.(a) A credit sales of 970 to Parimal was passed through the Sales Day Book as 790. (b) Addition of receipts side of the Cash Book was overstated by₹ 200.(c) A credit purchase of 1,530 from Suresh was passed through the Purchase Day Book as 1,350.(d) 2,000 was outstanding on account of wages but was not adjusted.(e) Return outward Book was overcast by 600.[Ans. Opening Dr. Balance of Suspense A/c 400, Correct Profit for the year 39,400.] show the journal entry? has been provided alongside types of . Rectify the following errors which are detected after the preparation of Profit & Loss Account. TheProfit was found to be₹ 42,000; Ascertain the correct profit.(a) A credit sales of 970 to Parimal was passed through the Sales Day Book as 790. (b) Addition of receipts side of the Cash Book was overstated by₹ 200.(c) A credit purchase of 1,530 from Suresh was passed through the Purchase Day Book as 1,350.(d) 2,000 was outstanding on account of wages but was not adjusted.(e) Return outward Book was overcast by 600.[Ans. Opening Dr. Balance of Suspense A/c 400, Correct Profit for the year 39,400.] show the journal entry? theory, EduRev gives you an
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