The book of Deven Verma could not be tallied. The accountant transferred the difference of Rs.
1,270 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 proprietor which was not recorded.
(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 included in the accounts.

Posted Date: 3/13/2013 8:30:11 PM | Location : USA

Ask an Expert

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

Write discussion on acoounts
Your posts are moderated

Write your message here..

Related Questions

Nominal interest rate on new bonds?, Debra Motors's 14% coupon rate, semian... Debra Motors's 14% coupon rate, semiannual payment, $1,000 par value bonds that mature in 20 years are callable 3 years from now at a price of $1,075. The bonds sell at a price of

How to determine the financial reports of businesses, How to Determine the ... How to Determine the financial reports of businesses In response to criticisms that financial reports of some businesses aren't clear enough to users, accounting rule makers ha

Pooling of interest, Pooling of Interest - Used to account for acquisition ... Pooling of Interest - Used to account for acquisition of another company when acquiring company exchanges its voting COMMON STOCK for voting common stock of the attained company wh

Conservatism, business is started with the objective of making profits but ... business is started with the objective of making profits but the conservatism concept says not to anticipate profit.... why so??

Financial leverage - ratio analysis, Provide a brief (one typed page) discu... Provide a brief (one typed page) discussion of analysis of the ratios of your company versus the competitor and the industry, addressing your company's liquidity, solvency, profita

Illustration of bankruptcy, Illustration of Bankruptcy Njuguna Mwandawi... Illustration of Bankruptcy Njuguna Mwandawiro, carrying on a business as a trader in Likoni, Mombasa, finds himself insolvent, and on 15 August 1997 files his petition in bankr

Non-for-profit organization, Non-for-Profit Organization/Tax-Exempt Organiz... Non-for-Profit Organization/Tax-Exempt Organization - An incorporated organization that exists for charitable or educational purposes, and from that its shareholders or trustees do

Terms "tangible" and "intangible" , Explain the meaning of the terms "tangi... Explain the meaning of the terms "tangible" and "intangible" and discuss how these terms are used in describing assets.

calculate the average issue price, Star Corporation issued both common and... Star Corporation issued both common and preferred stock during 19X6. The stockholders' equity sections of the company's balance sheets at the end of 19X6 and 19X5 follow.

Balance sheet and income statement, The balance sheet and income statement ... The balance sheet and income statement for Bingle Ltd is presented to you as follows: Balance Sheet Extract as at 30 June 2012 with comparatives