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
Montana Company produces basketballs. It incurred the following costs during the year. Direct materials: $14,032 Direct Labor: $25,706 Fixed manufacturing overhead: $9,698

SALES DISCOUNTS AND CASH RECEIPTS JOURNAL SALES DISCOUNTS Sales discount is recorded as a reduction in sales revenue.  CASH RECEIPTS JOURNAL Source documents: ca


DEFINITION OF COST ACCOUNTING DEFINITION:  as said by the Institute of Cost and Works Accountants (ICWA), London, Cost accounting is " the method of accounting for costs from t

trying to put the numbers into the correct asset t-account and not adding up

Explain in detail about the MERCHANDISE INVENTORY Cost of merchandise purchased during an accounting period is debited to Purchases account. To determine VALUE of the goods on

Q. Describe the methods of recording? Two general deductions from gross sales are (a) sales discounts and (b) sales returns and allowances. Sellers trace these deductions in co

On July 1, 2010, Harris Co. issued 6,000 bonds at $1,000 each. The bonds paid interest semiannually at 5%. The bonds had a term of 20 years. At the time of issuance, the market r

the guinegog is a trader in portable cd-man. His budgeted output is 5000 units per quarter. The following data was available for the year 1998: Direct labour @ $6 Direct material @

In the process of giving information from a business to a prospective buyer, an accountant is requesting a Reconsolidation for last December. What is that?