Question
Rectify the following errors:
  1. Purchases Book has been undercast by ₹ 1,000.
  2. Credit sale to Anu Prakash ₹ 7,000 was recorded in Purchases Book.
  3. Credit sale to Rahul ₹ 7,000 was recorded as ₹ 700.

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State with reasons whether the following are Capital or Revenue Expenses:
  1. Excise duty paid on purchase of new machine.
  2. Wages paid to install a machine.
  3. Repairs carried out on existing car.
  4. Office block of building repainted for ₹ 50,000.
  5. Paid telephone bill ₹ 2,500.
From the following information, prepare Trading account for the year ended $31^{st}$ March, $2019$:
Adjusted Purchases ₹ $5,50,000$; Sales ₹ $6,25,000$; Freight and Carriage Inwards ₹ $3,000$; Wages ₹ $7,000$; Freight and Cartage Outwards ₹ $2,500$; Closing Stock ₹ $50,000$.
What is meant by Provision for Discount on Debtors?
From the following information calculate total purchases.
 
Creditors April 01, 2016 30,000
Creditors March 31, 2017 20,000
Opening balance of Bills payable 25,000
Closing balance of Bills payable 35,000
Cash paid to creditors 1,51,000
Bills discharged 44,500
Cash purchases 1,29,000
Return outwards 6,000
What are Outstanding Expenses? What is its adjusting entry?
Prepare a Trading Account from the following particulars for the year ended 31st March 2017:
What is meant by Utility Software?
Complete the following Statemant of Profit or Loss:
Arrange assets in the order of permanence:
Sundry Debtors, Stock, Investment, Land and Building, Cash in Hand, Motor Vehicle, Cash at Bank, Goodwill, Plant and Machinery, Furniture, Loose Tools, Marketable Securities.
Mukesh found that the Trial Balance did not agree. He found the following errors:
  1. In the Sales Book for the month of January, total of Page No. 3 was carried forward to Page No. 4 as ₹ 1,000 instead of ₹ 1,200 and total of Page No. 7 was carried forward to Page No. 8 as ₹ 5,600 instead of ₹ 5,000.
  2. Goods returned to Anshuka ₹ 10,000 were recorded in the Sales Book.
  3. Bill Receivable for ₹ 800 from Riya was dishonoured and posted to the debit of Allowances Account.