accounting error, Accounting Basics

the books of deven verma could not be tallied.the accountant transferred the difference of Rs.1270 in the suspense account on the debit side the following mistakes were found later on.rectify these errors by passing journal entries and prepare suspense account. a.the purchase of Rs.400 from saran was entered into sales book but saran''s personal account was rightly credited. b.sales of Rs.430 to ramdas were credited in his account Rs.340. c.sales of old furniture of Rs.540 was credited to sales account as Rs.450. d.goods worth Rs.100 were taken by the propritor which was not recored. e.sales of Rs.296 to kishan were entered in sales book as Rs.269. f.Balance of sales return book Rs.210 was not include in the account.
Posted Date: 1/30/2013 11:15:34 AM | Location : USA







Related Discussions:- accounting error, Assignment Help, Ask Question on accounting error, Get Answer, Expert's Help, accounting error Discussions

Write discussion on accounting error
Your posts are moderated
Related Questions
Houston Corporation has the following stock outstanding:     In 2012, Houston paid $330,000 in dividends. No dividends were paid in 2011 or 2010. Required : a)

Q. What is matching principle? Expense recognition is closely related to as well as sometimes discussed as part of the revenue recognition principle. The matching principle sta

The Olympic Company has an accounts receivable balance at December 31, 2010 of $159,548.00.  The existing balance in the Allowance for Uncollectible Accounts was a credit of $2,563

Q. Explain about Modifying conventions? In certain examples companies don't strictly apply accounting principles because of modifying conventions (or constraints). Modifying co


Q. What do you understand by Deferred income? Deferred income -- a liability which arises when a company is paid in advance for services orgoods that will be provided later. Fo

what are the internal sources of accounting?

Determine the additional cash a company could obtain from its working capital accounts if it can improve its average collection period by three days and inventory turnover by 0.5 t

Q. Seasonality in sales? Based upon its operating record the company believes that its business is seasonal. Excluding the result of net sales, new store openings and earnings

Illustrate about the matching principle  This principle requires that expenses and revenue be recorded in accounting period in which they occur. For a net income figure to be a