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Pass the necessary Journal entries to rectify the following errors, using a Suspense Account:
(1) Goods of the value of ₹ 500 returned by Mr. A were entered in the Sales Day Book and posted there from to the credit of hisaccount;
(ii) 250 entered in the Sales Returns Book, has been posted to thedebit of Mr. R, who returned the goods;
(iii) A sale of 700 made to Mr. Q was correctly entered in the Sales Day Book but wrongly posted to the debit of Mr. Sas₹70;
(iv) The total of "Discount allowed" Column in the Cash Book for September amounting to 350 was not posted.?
Most Upvoted Answer
Pass the necessary Journal entries to rectify the following errors, us...
Error Rectification Using Suspense Account
To rectify the identified errors, we will make necessary journal entries using a Suspense Account. Here’s a detailed breakdown of each error and corresponding journal entry.
Error (i): Goods Returned by Mr. A
- Issue: Goods worth ₹500 returned by Mr. A were incorrectly recorded in the Sales Day Book and credited to his account.
- Journal Entry:
- Dr. Suspense Account ₹500
- Cr. Sales Account ₹500
Error (ii): Goods Returned by Mr. R
- Issue: ₹250 entered in the Sales Returns Book was incorrectly posted to the debit of Mr. R.
- Journal Entry:
- Dr. Suspense Account ₹250
- Cr. Mr. R's Account ₹250
Error (iii): Sale to Mr. Q Posted Incorrectly
- Issue: A sale of ₹700 made to Mr. Q was correctly recorded in the Sales Day Book but wrongly posted to the debit of Mr. S as ₹70.
- Journal Entry:
- Dr. Suspense Account ₹630 (Correct difference)
- Cr. Mr. S's Account ₹630
Error (iv): Discount Allowed Column Not Posted
- Issue: The total of "Discount Allowed" amounting to ₹350 was not posted from the Cash Book.
- Journal Entry:
- Dr. Discount Allowed Account ₹350
- Cr. Suspense Account ₹350
Conclusion
After passing these rectification entries, the Suspense Account will be cleared, and all errors will be corrected, ensuring accurate financial records. Each error is addressed separately, maintaining clarity and correctness in the accounting system.
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Pass the necessary Journal entries to rectify the following errors, using a Suspense Account:(1) Goods of the value of ₹ 500 returned by Mr. A were entered in the Sales Day Book and posted there from to the credit of hisaccount; (ii) 250 entered in the Sales Returns Book, has been posted to thedebit of Mr. R, who returned the goods;(iii) A sale of 700 made to Mr. Q was correctly entered in the Sales Day Book but wrongly posted to the debit of Mr. Sas₹70;(iv) The total of "Discount allowed" Column in the Cash Book for September amounting to 350 was not posted.?
Question Description
Pass the necessary Journal entries to rectify the following errors, using a Suspense Account:(1) Goods of the value of ₹ 500 returned by Mr. A were entered in the Sales Day Book and posted there from to the credit of hisaccount; (ii) 250 entered in the Sales Returns Book, has been posted to thedebit of Mr. R, who returned the goods;(iii) A sale of 700 made to Mr. Q was correctly entered in the Sales Day Book but wrongly posted to the debit of Mr. Sas₹70;(iv) The total of "Discount allowed" Column in the Cash Book for September amounting to 350 was not posted.? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Pass the necessary Journal entries to rectify the following errors, using a Suspense Account:(1) Goods of the value of ₹ 500 returned by Mr. A were entered in the Sales Day Book and posted there from to the credit of hisaccount; (ii) 250 entered in the Sales Returns Book, has been posted to thedebit of Mr. R, who returned the goods;(iii) A sale of 700 made to Mr. Q was correctly entered in the Sales Day Book but wrongly posted to the debit of Mr. Sas₹70;(iv) The total of "Discount allowed" Column in the Cash Book for September amounting to 350 was not posted.? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Pass the necessary Journal entries to rectify the following errors, using a Suspense Account:(1) Goods of the value of ₹ 500 returned by Mr. A were entered in the Sales Day Book and posted there from to the credit of hisaccount; (ii) 250 entered in the Sales Returns Book, has been posted to thedebit of Mr. R, who returned the goods;(iii) A sale of 700 made to Mr. Q was correctly entered in the Sales Day Book but wrongly posted to the debit of Mr. Sas₹70;(iv) The total of "Discount allowed" Column in the Cash Book for September amounting to 350 was not posted.?.
Solutions for Pass the necessary Journal entries to rectify the following errors, using a Suspense Account:(1) Goods of the value of ₹ 500 returned by Mr. A were entered in the Sales Day Book and posted there from to the credit of hisaccount; (ii) 250 entered in the Sales Returns Book, has been posted to thedebit of Mr. R, who returned the goods;(iii) A sale of 700 made to Mr. Q was correctly entered in the Sales Day Book but wrongly posted to the debit of Mr. Sas₹70;(iv) The total of "Discount allowed" Column in the Cash Book for September amounting to 350 was not posted.? in English & in Hindi are available as part of our courses for UPSC. Download more important topics, notes, lectures and mock test series for UPSC Exam by signing up for free.
Here you can find the meaning of Pass the necessary Journal entries to rectify the following errors, using a Suspense Account:(1) Goods of the value of ₹ 500 returned by Mr. A were entered in the Sales Day Book and posted there from to the credit of hisaccount; (ii) 250 entered in the Sales Returns Book, has been posted to thedebit of Mr. R, who returned the goods;(iii) A sale of 700 made to Mr. Q was correctly entered in the Sales Day Book but wrongly posted to the debit of Mr. Sas₹70;(iv) The total of "Discount allowed" Column in the Cash Book for September amounting to 350 was not posted.? defined & explained in the simplest way possible. Besides giving the explanation of Pass the necessary Journal entries to rectify the following errors, using a Suspense Account:(1) Goods of the value of ₹ 500 returned by Mr. A were entered in the Sales Day Book and posted there from to the credit of hisaccount; (ii) 250 entered in the Sales Returns Book, has been posted to thedebit of Mr. R, who returned the goods;(iii) A sale of 700 made to Mr. Q was correctly entered in the Sales Day Book but wrongly posted to the debit of Mr. Sas₹70;(iv) The total of "Discount allowed" Column in the Cash Book for September amounting to 350 was not posted.?, a detailed solution for Pass the necessary Journal entries to rectify the following errors, using a Suspense Account:(1) Goods of the value of ₹ 500 returned by Mr. A were entered in the Sales Day Book and posted there from to the credit of hisaccount; (ii) 250 entered in the Sales Returns Book, has been posted to thedebit of Mr. R, who returned the goods;(iii) A sale of 700 made to Mr. Q was correctly entered in the Sales Day Book but wrongly posted to the debit of Mr. Sas₹70;(iv) The total of "Discount allowed" Column in the Cash Book for September amounting to 350 was not posted.? has been provided alongside types of Pass the necessary Journal entries to rectify the following errors, using a Suspense Account:(1) Goods of the value of ₹ 500 returned by Mr. A were entered in the Sales Day Book and posted there from to the credit of hisaccount; (ii) 250 entered in the Sales Returns Book, has been posted to thedebit of Mr. R, who returned the goods;(iii) A sale of 700 made to Mr. Q was correctly entered in the Sales Day Book but wrongly posted to the debit of Mr. Sas₹70;(iv) The total of "Discount allowed" Column in the Cash Book for September amounting to 350 was not posted.? theory, EduRev gives you an ample number of questions to practice Pass the necessary Journal entries to rectify the following errors, using a Suspense Account:(1) Goods of the value of ₹ 500 returned by Mr. A were entered in the Sales Day Book and posted there from to the credit of hisaccount; (ii) 250 entered in the Sales Returns Book, has been posted to thedebit of Mr. R, who returned the goods;(iii) A sale of 700 made to Mr. Q was correctly entered in the Sales Day Book but wrongly posted to the debit of Mr. Sas₹70;(iv) The total of "Discount allowed" Column in the Cash Book for September amounting to 350 was not posted.? tests, examples and also practice UPSC tests.
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