Question
How will you rectify the following errors?
  1. Sales Book is overcasted by ₹ 5,000.
  2. Sales Return Book is short casted by ₹ 500.
  3. Balance of Sales Book is carried forward in excess by ₹ 1,000.
  4. Balance of Sales Return Book is carried forward in excess by ₹ 100.

Answer

Solution is as follows.

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Amar sells goods to Bhola for ₹ 10,000 and draws upon him a bill for the amount payable 3 months after date. The bill is accepted by Bhola. Amar discounts the bill with his bankers at a discount of ₹ 150 inclusive of all charges. Bhola fails to meet this bill on maturity. Amar pays off his banker and his expenses amounting to ₹ 100. Bhola gives a fresh bill, 2 months' date to Amar for ₹ 10,250, which he met at maturity.
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From the following information ascertain the opening balance of sundry debtors and closing balance of sundry creditors
 
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