Rectify the following errors assuming:- That such a suspense account has been opened. 1. Goods costing ₹ 800 purchased from Sachin on credit were omitted to be credited to his account. 2. Goods costing ₹ 800 purchased from Sachin on credit were credited to his account as ₹ 80. 3. Goods costing ₹ 800 purchased from Sachin on credit were credited to his account as ₹ 880. 4. Goods costing ₹ 800 purchased from Sachin on credit were posted to the debit of his account. 5. Goods costing ₹ 800 purchased from Sachin on credit were posted to the debit of his account as ₹ 80.

Rectify the following errors assuming:- That such a suspense acco…

Give the meaning of rebate.

→

What Journal entry will be passed in the books of drawer (X) and drawee (Y) at the time of dishonour of bill in the following cases:

If bill of ₹ 50,000 was discounted from bank and noting charges paid by the bank was ₹ 600.
If B/R of ₹ 50,000 was endorsed in favour of Z. Noting charges paid by Z ₹ 600.
If B/R is returned with drawer and noting charges were ₹ 600.

→

Journalise the following transactions of Ram, Delhi :

2018		Rs.
Jan-01	Ram commenced business with cash	30,000
Jan-02	Opened a bank account with Union Bank by cheque from savings account	21,000
Jan-03	Purchased goods from Rahul in Cash	10,000
Jan-07	Withdrew cash from bank for office use	3,000
Jan-10	Sold goods to Hari, Delhi on credit	5,000
Jan-15	Purchased goods from Shyam, Meerut (UP)	15,000
Jan-20	Cash sales	3,000
Jan-25	Paid to Shyam	14,750
	Discount Received	250
Jan-31	Paid Salaries	10,000

CGST and SGST is levied @ $6 \%$ each on intra-state sale and purchase. IGST is levied @ $12 \%$ on inter-state sale and purchase.

→

Prepare journal Entries of the following postings:

→

Enter the following transactions in the Journal of Suresh, Delhi who trades in ready-made garments:

2019		₹
April 1	Suresh paid into bank as Capital*	60,000
April 2	He bought goods and paid by cheque	24,000
April 3	Sold goods to Mukand & Co., Delhi	6,700
April 4	Sold goods for cash	10,900
April 5	Paid sundry expenses in cash*	3,000
April 8	Paid for office furniture and fittings by cheque	4,000
April 9	Bought goods from Ramesh & Bros., Faridabad (Haryana)	10,600
April 11	Returned goods to Ramesh & Bros.	1,500
April 12	Issued cheque to Ramesh & Bros. in full settlement*	9,500
April 30	Bank charged interest*	200
April 30	Borrowed from Ridhi @ 10% per annum interest*	50,000
April 30	Received from Mahendra on account*	6,000
April 30	Sold household furniture and paid the amount into business*	2,000
April 30	Sold goods costing ₹ 5,000 to Anita for cash at a profit of 20% on cost, less 20% trade discount
April 30	Sold goods costing ₹ 20,000 to Sunil at a profit of 20% on sale less 20% Trade Discount and paid cartage ₹ 150 (to be charged from customer).

CGST and SGST is levied @ 6% each on intra-state sale and purchase. IGST is levied @ 12% on inter-state sale and purchase. Out of the above, transactions marked with (*) are not subject to levy of GST.
[Hint: Household furniture is personal asset. When it is sold GST will not be levid. Since amount realised is invested in the firm, Suresh's Capital Account will be credited.}

→

“Is Trial Balance merely a proof of Arithmetical accuracy”? Explain the errors which are not disclosed by a Trial Balance.

→

Write short note on ‘Original Cost Method of providing depreciation with a suitable example.

→

A plant is purchased for ₹ 60,000 on 1st April, 2009. It is estimated that the residual value of this plant at the end of its working life of 10 years will be ₹ 20,920. Depreciation is to be provided at 10% p.a. on diminishing balance method.
You are required to show the Plant Account for 4 years, assuming that the books are closed on 31st March every year.

→

Rectify the following errors assuming that suspense account was opened. Ascertain the difference in trial balance.

Credit sales to Mohan ₹ 7,000 were recorded in Purchase Book. However, Mohan’s account was correctly debited.
Credit purchases from Rohan ₹ 9,000 were recorded in sales book. However, Rohan’s account was correctly credited.
Goods returned to Rakesh ₹ 4,000 were recorded in sales return book. However, Rakesh’s account was correctly debited.
Goods returned from Mahesh ₹ 1,000 were recorded through purchases return book. However, Mahesh’s account was correctly credited.
Goods returned to Naresh ₹ 2,000 were recorded through purchases book. However, Naresh’s account was correctly debited.

→

Prepare the Accounting Vouchers for the following transactions:?

2019	Particular	₹
Jan-1	Started business with cash	2,00,000
Jan-1	Purchased furniture vide Cash Memo No. 210*	10,000
Jan-5	Opened a Bank Account in Canara Bank	60,000
Jan-10	Purchased garments on credit from M/s Madras Store vide Bill No. 291*	20,000
Jan-12	Sold shirts to Ram Parkash on credit vide Bill No. 1*	5,000
Jan-15	Sold shirts for cash vide Cash Memo No. 1*	7,000
Jan-20	Withdrew from bank for office use by cheque No. 23301	20,000
Jan-27	Withdrew for personal use by cheque No. 51003	5,000

Transactions marked with * are subject to levy of CGST and SGST @ 6% each.

→

Answer

Need a full question paper?

Explore more

Similar questions

Rectification of Errors — Account STD 11 Commerce — Question

Answer

Need a full question paper?

Explore more

Similar questions