Rectification of Errors — Account STD 11 Commerce — Question

Write up Cash Book of Bhanu Partap with Cash and Bank Columns from the following transactions:

2017		(₹)
March 1	Cash-in-hand	2,710
	Cash at Bank	27,500
March 3	Received from Subhash	3,500
March 4	Sold goods for cash	10,000
March 7	Paid Rent by Cheque	800
March 8	Paid Sohan by cheque	3,000
March 10	Bought goods for cash	15,000
March 12	Paid cash for stationery	200
	Drew from Bank for office use	8,000
March 15	Received cheque from Surendra and sent it to Bank	6,600
March 16	Paid for advertisement	750
March 18	Issued cheque in favour of Nath Brothers	4,300
March 19	Cash Sales	13,000
	Paid into Bank	16,000
March 20	Received cheque from Vinod and sent it to Bank	2,400
March 22	Bought Scooter and paid for the same by cheque	18,000
March 25	Bank returned Surendra's cheque dishonoured
March 28	Paid salary by cheque	7,200
	Paid Trade expenses	2,000
March 29	Cash sales	9,500
March 30	Paid into Bank	10,000

In taking out a Trial Balance, an Accountant finds an excess debit of ₹ 1,098. Being desirous of closing his books, he places the difference to Suspense A/c. Later on he detects the following errors:-

1. Goods purchased from Surinder for ₹ 350 has been credited to his account as ₹ 530.
2. Goods sold to Dinesh for ₹ 800 have been debited to his account as ₹ 880.
3. A cheque of ₹ 1,250 received from a debtor had been correctly entered in the cash book but posted to his Personal A/c as ₹ 1,200.
4. ₹ 780, paid for freight on machinery purchased was debited to Freight Account as ₹ 708.
5. Goods to the value of ₹ 130 returned by a customer Navin Kumar had been posted to the debit of his account.
6. ₹ 1,440 paid for repairs to Motor Car were debited to Motor Car A/c as ₹ 1,400.
7. Total of purchase return book ₹ 500 was posted to the debit of Purchase A/c.

Give necessary rectifying entries and prepare suspense account.

Write up Cash Book of Bhanu Partap with Cash and Bank Columns from the following transactions:

2017		(₹)
March 1	Cash-in-hand	2,710
	Cash at Bank	27,500
March 3	Received from Subhash	3,500
March 4	Sold goods for cash	10,000
March 7	Paid Rent by Cheque	800
March 8	Paid Sohan by cheque	3,000
March 10	Bought goods for cash	15,000
March 12	Paid cash for stationery	200
	Drew from Bank for office use	8,000
March 15	Received cheque from Surendra and sent it to Bank	6,600
March 16	Paid for advertisement	750
March 18	Issued cheque in favour of Nath Brothers	4,300
March 19	Cash Sales	13,000
	Paid into Bank	16,000
March 20	Received cheque from Vinod and sent it to Bank	2,400
March 22	Bought Scooter and paid for the same by cheque	18,000
March 25	Bank returned Surendra's cheque dishonoured
March 28	Paid salary by cheque	7,200
	Paid Trade expenses	2,000
March 29	Cash sales	9,500
March 30	Paid into Bank	10,000

X draws upon Y a bill of ₹ 10,000 for three months on 1st July, 2016. The bill was duly accepted and returned by Y. On due date bill became dishonoured and noting charges paid under each of the following circumstances ₹ 75. Pass entries in the following cases:

1. If drawer retains the bill with him till due date.
2. If drawer discounts the same with his Banker and noting charges paid by the Banker.
3. If drawer endorses the same to his creditor Z and noting charges paid by Z.
4. If drawer sends the bill for collection to his Banker and noting charges paid by the Banker.

Rectify the following errors:

1. Furniture purchased for ₹ 10,000 wrongly debited to Purchases Account.
2. Machinery purchased on credit from Raman for ₹ 20,000 was recorded through Purchases Book.
3. Repairs on machinery ₹ 1,400 debited to Machinery Account.
4. Repairs on overhauling of second hand machinery purchased ₹ 2,000 was debited to Repairs Account.
5. Sale of old machinery at book value of ₹ 3,000 was credited to Sales Account.

Journalise the following transactions in the Journal of M/s. Gupta Brothers (Prop. Shri R. K. Gupta), Delhi and post them to the Ledger:

2019		₹
March 1	Started business with cash	2,00,000
March 2	Opened bank account with SBI	80,000
March 4	Goods purchased from Raj, Jaipur (Rajasthan)	22,000
March 5	Goods purchased for cash	30,000
March 8	Goods sold to Naman, Delhi	12,000
March 10	Cash paid to Raj	22,000
March 15	Cash received from Naman	11,700
	Discount allowed	300
March 16	Paid wages	200
March 18	Furniture purchased for office use	5,000
March 20	Withdrawn from bank for personal use	4,000
March 22	Issued cheque for rent	3,000
March 23	Goods taken for household purpose. These goods were purchased from Raj	2,000
March 24	Drawn cash from bank for office use	6,000
March 26	Commission received	1,000
March 27	Bank charges	300
March 28	Cheque issued for life insurance premium of Proprietor	3,000
March 29	Paid salary	10,000
March 30	Cash sales	20,000

Prepare Sales Book from the following transactions of Hema Traders, Kolkata dealing in furniture. Open the Ledger Accounts also:

Pass Journal entries for the following transactions:

1. Purchased Machinery for ₹ 20,000 and paid ₹ 200 for its carriage.
2. Received a cheque fo ₹ 4,850 from X in full settlement of his account of ₹ 5,000. Cheque was immediately deposited into bank.
3. Received by cheque a first and final payment of 60 paise in a ₹ from Y who owed us ₹ 10,000.
4. Sold goods to Z for ₹ 10,000 at a trade discount of 20%. Next day a cheque was received from him after deducting 5% cash discount. Cheque was immediately deposited into Bank.
5. Goods costing ₹ 20,000 sold to Manoj at a profit of 20% on cost less 10% trade discount.

Explain the meaning of any three of the following terms:
Full Disclosure.

Prepare Accounting Equation from the following: