suspense account, Accounting Basics, Accounting Basics

The book of Deven Verma could not be tallied. The account 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: 3/22/2013 12:47:07 AM | Location : USA







Related Discussions:- suspense account, Accounting Basics, Assignment Help, Ask Question on suspense account, Accounting Basics, Get Answer, Expert's Help, suspense account, Accounting Basics Discussions

Write discussion on suspense account, Accounting Basics
Your posts are moderated
Related Questions

Q. What do you mean by depreciable asset? A depreciable asset is a manufactured asset such like a building, vehicle, machine or piece of equipment that provides service to a bu

Schedule of Accounts Payable  Lists the balances of accounts payable ledger, and Accounts Payable controlling account demonstrates the total amount owed to ALL creditors. Th

GDYJ-503 is developed according to the national standard GB-86 Insulating Oil Dielectric Strength Testing Method .The tester can test three cups of oil at the similar time. LCD scr

Q. Explain journal entry? A journal is a sequential arranged in order of time record of business transactions. A journal entry is the stacking of a business transaction in the

Lego Toys is planning to produce new toys at its factories.  The setup cost of the production facilities, production costs and profits for each toy are given below: Toy    Setup c

My sister considers Will Smith a _____ actor than Sean Penn. (Points : 2) more better best better


Q. Describe the accounting procedures? The demand for college professors differ greatly by discipline. In fields such like Fine Arts, English, Philosophy and Psychology there i

A baker makes 500 cream-filled eclairs at a cost of $0.72 each. He estimates that 10% of the eclairs will be sold the following day at a reduced price of $0.80 each. Find the mar