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Rectification Of Errors - (Part - 1) | Accountancy Class 11 - Commerce PDF Download

Page No 17.35:

Question 1: How will be the following errors rectified?

(i) Purchases Book is overcasted by ₹ 10,000.

(ii) Purchases Return Book is overcasted by ₹ 1,000.

(iii) Purchases Return Book’s balance is carried forward in excess by ₹ 100.

(iv) Purchases Book’s balance is carried forward in excess by ₹ 1,000.

ANSWER:
Rectification Of Errors - (Part - 1) | Accountancy Class 11 - Commerce


Page No 17.35:

Question 2: How will be the following errors rectified?

(i) Sales Book is short casted by ₹ 5,000.

(ii) Sales Return Book is short casted by ₹ 500.

(iii) Balance of Sales Book is carried forward short by ₹ 1,000.

(iv) Balance of Sales Return Book is carried forward short by ₹ 100.

ANSWER:
Rectification Of Errors - (Part - 1) | Accountancy Class 11 - Commerce

Page No 17.35:

Question 3: How will you rectify the following errors?
(i) Sales Book is overcasted by ₹ 5,000.
(ii) Sales Return Book is short casted by ₹ 500.
(iii) Balance of Sales Book is carried forward in excess by ₹ 1,000.
(iv) Balance of Sales Return Book is carried forward in excess by ₹ 100.

ANSWER:
Rectification Of Errors - (Part - 1) | Accountancy Class 11 - Commerce


Page No 17.35:

Question 4: Pass the necessary Journal entries to rectify the following errors:
(i) Credit sale of ₹ 570 to Mohan was recorded as ₹ 750.
(ii) Credit sale of ₹ 850 to Sohan was recorded as sale to Mohan.
(iii) Credit sale of ₹ 850 to Meenu was recorded as sale to Meena as ₹ 580.
(iv) Credit sale of ₹ 850 to Ram was recorded in the Purchases Book.
(v) Credit sale of old machinery to Sohan for ₹ 1,700 was entered in the Sales Book as ₹ 7,100.
(vi) Bill Receivable for ₹ 5,000 accepted by Mahinder recorded as acceptance given to Mahinder for ₹ 6,000.

ANSWER:
Rectification Of Errors - (Part - 1) | Accountancy Class 11 - Commerce



Page No 17.35:

Question 5: Pass the necessary Journal entries to rectify the following errors:
(i) Credit sale of ₹ 850 to Kishan was posted to Krishan's Account.
(ii) Cash sale of ₹ 850 to Meenu was posted to the credit of Meena.
(iii) Amount of ₹ 1,500 withdrawn from bank by the proprietor for his personal use was debited to Purchases Account.
(iv) Credit sale of old furniture to Mohan for ₹ 1,700 was posted as ₹ 7,100.
(v) Credit sale of old furniture to Babu Ram for ₹ 3,000 was credited to Sales Account.
(vi) Cheque of ₹ 1,280 received from Farid was dishonoured and has been posted to the debit of Sales Return Account.
ANSWER:

Rectification Of Errors - (Part - 1) | Accountancy Class 11 - Commerce
Rectification Of Errors - (Part - 1) | Accountancy Class 11 - Commerce

The document Rectification Of Errors - (Part - 1) | Accountancy Class 11 - Commerce is a part of the Commerce Course Accountancy Class 11.
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FAQs on Rectification Of Errors - (Part - 1) - Accountancy Class 11 - Commerce

1. What is the meaning of rectification of errors in commerce?
Ans. Rectification of errors in commerce refers to the process of identifying and correcting mistakes or inaccuracies in financial records, such as accounting books or financial statements.
2. Why is it important to rectify errors in commerce?
Ans. Rectifying errors in commerce is crucial as it ensures the accuracy and reliability of financial information. It helps in presenting a true and fair view of the financial position and performance of a business, enabling stakeholders to make informed decisions.
3. What are the common types of errors in commerce that require rectification?
Ans. Common types of errors in commerce that require rectification include mathematical errors, errors of omission, errors of commission, errors of principle, compensating errors, and errors of original entry. These errors can impact the accuracy of financial statements and need to be rectified.
4. How can errors in commerce be rectified?
Ans. Errors in commerce can be rectified by following a systematic approach. The process typically involves identifying the error, analyzing its nature, determining the necessary rectification entries, making appropriate adjustments in the accounting records, and ensuring the error is corrected in subsequent financial statements.
5. Is rectification of errors a one-time process in commerce?
Ans. No, rectification of errors is not a one-time process in commerce. Errors can occur at any point in time, and it is essential to rectify them promptly. Regular review and reconciliation of financial records are necessary to identify and rectify errors to maintain the accuracy of accounting information.
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