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In taking out the Trial Balance, book-keeper finds that he is out 3,809 excess debit. Being desirous of closing his books he places the difference to a newly opened Suspense A/c which is carried forward. In the next period he discovered that:- 17,715 received from X has not been posted to his account. A sum of 9,500 written off as depreciation on fixtures has not been posted to the Depreciation A/c. ₹1,50,000 paid for furniture purchased has been charged to Ordinary Purchases A/c. A discount of ₹ 3,742 allowed to a customer has been credited to him as 3,648. The total of the Inwards return has been added 900 short. An item of Sale for 5,900 was posted as 9,500 in the Sales Account. Give the rectifying entries and prepare the Suspense Account.?
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In taking out the Trial Balance, book-keeper finds that he is out 3,80...
Rectifying Entries
To correct the errors identified, the following journal entries need to be made:
  • Debit Suspense A/c ₹17,715 (To post amount received from X)
  • Debit Depreciation A/c ₹9,500 (To post unrecorded depreciation on fixtures)
  • Debit Furniture A/c ₹1,50,000 (To correct furniture purchase charged to Ordinary Purchases)
  • Credit Ordinary Purchases A/c ₹1,50,000 (To reverse incorrect entry)
  • Debit Customer A/c ₹94 (To correct discount error to the customer)
  • Credit Suspense A/c ₹94 (To adjust the Suspense Account)
  • Debit Inward Returns A/c ₹900 (To correct under-recording of Inward Returns)
  • Credit Suspense A/c ₹900 (To adjust the Suspense Account)
  • Debit Sales A/c ₹3,600 (To correct the sale amount posted incorrectly)
  • Credit Suspense A/c ₹3,600 (To adjust the Suspense Account)

Suspense Account Preparation
The Suspense Account will reflect the adjustments made. Here's how it will look:
  • Opening Balance: ₹3,809 (Excess debit from Trial Balance)
  • Add: ₹17,715 (Amount received from X)
  • Less: ₹94 (Discount error adjustment)
  • Less: ₹900 (Inward returns error adjustment)
  • Less: ₹3,600 (Sales error adjustment)
  • Closing Balance: Calculation from above adjustments

The closing balance will provide the remaining difference in the Suspense Account after all corrections are made.
By ensuring all errors are rectified, the accuracy of the financial records is enhanced, allowing for a precise representation of the company's financial position.
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In taking out the Trial Balance, book-keeper finds that he is out 3,809 excess debit. Being desirous of closing his books he places the difference to a newly opened Suspense A/c which is carried forward. In the next period he discovered that:- 17,715 received from X has not been posted to his account. A sum of 9,500 written off as depreciation on fixtures has not been posted to the Depreciation A/c. ₹1,50,000 paid for furniture purchased has been charged to Ordinary Purchases A/c. A discount of ₹ 3,742 allowed to a customer has been credited to him as 3,648. The total of the Inwards return has been added 900 short. An item of Sale for 5,900 was posted as 9,500 in the Sales Account. Give the rectifying entries and prepare the Suspense Account.?
Question Description
In taking out the Trial Balance, book-keeper finds that he is out 3,809 excess debit. Being desirous of closing his books he places the difference to a newly opened Suspense A/c which is carried forward. In the next period he discovered that:- 17,715 received from X has not been posted to his account. A sum of 9,500 written off as depreciation on fixtures has not been posted to the Depreciation A/c. ₹1,50,000 paid for furniture purchased has been charged to Ordinary Purchases A/c. A discount of ₹ 3,742 allowed to a customer has been credited to him as 3,648. The total of the Inwards return has been added 900 short. An item of Sale for 5,900 was posted as 9,500 in the Sales Account. Give the rectifying entries and prepare the Suspense Account.? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about In taking out the Trial Balance, book-keeper finds that he is out 3,809 excess debit. Being desirous of closing his books he places the difference to a newly opened Suspense A/c which is carried forward. In the next period he discovered that:- 17,715 received from X has not been posted to his account. A sum of 9,500 written off as depreciation on fixtures has not been posted to the Depreciation A/c. ₹1,50,000 paid for furniture purchased has been charged to Ordinary Purchases A/c. A discount of ₹ 3,742 allowed to a customer has been credited to him as 3,648. The total of the Inwards return has been added 900 short. An item of Sale for 5,900 was posted as 9,500 in the Sales Account. Give the rectifying entries and prepare the Suspense Account.? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for In taking out the Trial Balance, book-keeper finds that he is out 3,809 excess debit. Being desirous of closing his books he places the difference to a newly opened Suspense A/c which is carried forward. In the next period he discovered that:- 17,715 received from X has not been posted to his account. A sum of 9,500 written off as depreciation on fixtures has not been posted to the Depreciation A/c. ₹1,50,000 paid for furniture purchased has been charged to Ordinary Purchases A/c. A discount of ₹ 3,742 allowed to a customer has been credited to him as 3,648. The total of the Inwards return has been added 900 short. An item of Sale for 5,900 was posted as 9,500 in the Sales Account. Give the rectifying entries and prepare the Suspense Account.?.
Solutions for In taking out the Trial Balance, book-keeper finds that he is out 3,809 excess debit. Being desirous of closing his books he places the difference to a newly opened Suspense A/c which is carried forward. In the next period he discovered that:- 17,715 received from X has not been posted to his account. A sum of 9,500 written off as depreciation on fixtures has not been posted to the Depreciation A/c. ₹1,50,000 paid for furniture purchased has been charged to Ordinary Purchases A/c. A discount of ₹ 3,742 allowed to a customer has been credited to him as 3,648. The total of the Inwards return has been added 900 short. An item of Sale for 5,900 was posted as 9,500 in the Sales Account. Give the rectifying entries and prepare the Suspense Account.? in English & in Hindi are available as part of our courses for CA Foundation. Download more important topics, notes, lectures and mock test series for CA Foundation Exam by signing up for free.
Here you can find the meaning of In taking out the Trial Balance, book-keeper finds that he is out 3,809 excess debit. Being desirous of closing his books he places the difference to a newly opened Suspense A/c which is carried forward. In the next period he discovered that:- 17,715 received from X has not been posted to his account. A sum of 9,500 written off as depreciation on fixtures has not been posted to the Depreciation A/c. ₹1,50,000 paid for furniture purchased has been charged to Ordinary Purchases A/c. A discount of ₹ 3,742 allowed to a customer has been credited to him as 3,648. The total of the Inwards return has been added 900 short. An item of Sale for 5,900 was posted as 9,500 in the Sales Account. Give the rectifying entries and prepare the Suspense Account.? defined & explained in the simplest way possible. Besides giving the explanation of In taking out the Trial Balance, book-keeper finds that he is out 3,809 excess debit. Being desirous of closing his books he places the difference to a newly opened Suspense A/c which is carried forward. In the next period he discovered that:- 17,715 received from X has not been posted to his account. A sum of 9,500 written off as depreciation on fixtures has not been posted to the Depreciation A/c. ₹1,50,000 paid for furniture purchased has been charged to Ordinary Purchases A/c. A discount of ₹ 3,742 allowed to a customer has been credited to him as 3,648. The total of the Inwards return has been added 900 short. An item of Sale for 5,900 was posted as 9,500 in the Sales Account. Give the rectifying entries and prepare the Suspense Account.?, a detailed solution for In taking out the Trial Balance, book-keeper finds that he is out 3,809 excess debit. Being desirous of closing his books he places the difference to a newly opened Suspense A/c which is carried forward. In the next period he discovered that:- 17,715 received from X has not been posted to his account. A sum of 9,500 written off as depreciation on fixtures has not been posted to the Depreciation A/c. ₹1,50,000 paid for furniture purchased has been charged to Ordinary Purchases A/c. A discount of ₹ 3,742 allowed to a customer has been credited to him as 3,648. The total of the Inwards return has been added 900 short. An item of Sale for 5,900 was posted as 9,500 in the Sales Account. Give the rectifying entries and prepare the Suspense Account.? has been provided alongside types of In taking out the Trial Balance, book-keeper finds that he is out 3,809 excess debit. Being desirous of closing his books he places the difference to a newly opened Suspense A/c which is carried forward. In the next period he discovered that:- 17,715 received from X has not been posted to his account. A sum of 9,500 written off as depreciation on fixtures has not been posted to the Depreciation A/c. ₹1,50,000 paid for furniture purchased has been charged to Ordinary Purchases A/c. A discount of ₹ 3,742 allowed to a customer has been credited to him as 3,648. The total of the Inwards return has been added 900 short. An item of Sale for 5,900 was posted as 9,500 in the Sales Account. Give the rectifying entries and prepare the Suspense Account.? theory, EduRev gives you an ample number of questions to practice In taking out the Trial Balance, book-keeper finds that he is out 3,809 excess debit. Being desirous of closing his books he places the difference to a newly opened Suspense A/c which is carried forward. In the next period he discovered that:- 17,715 received from X has not been posted to his account. A sum of 9,500 written off as depreciation on fixtures has not been posted to the Depreciation A/c. ₹1,50,000 paid for furniture purchased has been charged to Ordinary Purchases A/c. A discount of ₹ 3,742 allowed to a customer has been credited to him as 3,648. The total of the Inwards return has been added 900 short. An item of Sale for 5,900 was posted as 9,500 in the Sales Account. Give the rectifying entries and prepare the Suspense Account.? tests, examples and also practice CA Foundation tests.
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