Question
ectify the following errors assuming that a Suspense Account was opened.
(10)
1) A purchase made from Anthony & Co. for Rs. 8,000 was not entered in the Purchases Book.
2) An amount of Rs. 500 received from Mr. Roy was credited to Ray's A/c.
3) A sale of Rs. 600 to Gopal was debited to his account as Rs. 6,000.
4) Salaries paid amounting to Rs. 1,000 was wrongly debited to Wages Account.
5) Rs. 450 received on account of interest stands wrongly credited to Commission Account.
6) The total of Returns Outwards Book amounting to Rs. 560 was hot posted in the ledger.
7) A credit sale of Rs. 250 to Rakesh was wrongly credited to his Account.
8) A credit sale of Rs. 520 to Madhu debited to him as Rs. 250.
9) A credit purchases from Kailash of Rs. 400 was debited to him.
10) In Cash Book, the total of Discount Allowed column of Rs. 304 has been carried forward as Rs. 403.
Answer :
Word Count : 476
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Skip in 10
Rectification of errors in the books of accounts, when a Suspense Account has been opened, requires passing appropriate journal entries to correct the mistakes and adjust the difference through the Suspense Account wherever necessary. 1. The purchase from Anthony & Co. for Rs. 8,000 was completely omitted from the Purchases Book. This is an error of omission affecting both debit and credit aspects. The rectification entry will be: Purchases A/c Dr. 8,000 To Anthony & Co. A/c 8,000 2. Rs. 500 received from Mr. Roy was wrongly credited to Ray’s Account. Cash has been correctly debited, but the wrong personal account has been credited. First, Ray’s Account must be
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