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The addition of the analysis column of the tabular purchases journal posted to goods purchased for resale account was found to be short by ₹150 though the addition of the total column was correct?
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Analysis of Discrepancy in Tabular Purchases Journal
Reasons for the Shortage:
- Error in recording: There may have been an error in recording one or more transactions in the analysis column, leading to the discrepancy.
- Mathematical error: It is possible that a mathematical error was made while totaling the analysis column, resulting in the shortage.
- Missing transaction: A transaction may have been omitted from the analysis column, causing the total to be short by ₹150.
Steps to Rectify the Discrepancy:
- Review all transactions: Carefully review each transaction in the tabular purchases journal to ensure that all entries are correct and accounted for.
- Re-add the analysis column: Double-check the addition of the analysis column to identify any errors in calculations.
- Compare with source documents: Compare the entries in the tabular purchases journal with source documents such as invoices and receipts to verify the accuracy of the recorded transactions.
- Consult with the accounting team: If the discrepancy persists, consult with other members of the accounting team to seek their input and assistance in resolving the issue.
Preventive Measures:
- Implement controls: Establish controls and procedures to ensure accurate recording and totaling of transactions in the tabular purchases journal.
- Regular reconciliation: Conduct regular reconciliations between the tabular purchases journal and the goods purchased for resale account to identify and address any discrepancies promptly.
- Training and education: Provide training to staff members responsible for recording transactions to enhance their understanding of the process and minimize errors.
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The addition of the analysis column of the tabular purchases journal posted to goods purchased for resale account was found to be short by ₹150 though the addition of the total column was correct?
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The addition of the analysis column of the tabular purchases journal posted to goods purchased for resale account was found to be short by ₹150 though the addition of the total column was correct? for UPSC 2025 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about The addition of the analysis column of the tabular purchases journal posted to goods purchased for resale account was found to be short by ₹150 though the addition of the total column was correct? covers all topics & solutions for UPSC 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The addition of the analysis column of the tabular purchases journal posted to goods purchased for resale account was found to be short by ₹150 though the addition of the total column was correct?.
The addition of the analysis column of the tabular purchases journal posted to goods purchased for resale account was found to be short by ₹150 though the addition of the total column was correct? for UPSC 2025 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about The addition of the analysis column of the tabular purchases journal posted to goods purchased for resale account was found to be short by ₹150 though the addition of the total column was correct? covers all topics & solutions for UPSC 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The addition of the analysis column of the tabular purchases journal posted to goods purchased for resale account was found to be short by ₹150 though the addition of the total column was correct?.
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