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The trial balance of Prashant and Co. showed Rs.9,600 as debit excess. The difference is posted to the suspense account. Prepare the suspense account and rectify the following errors:

  1. Depreciation charged of Rs.1,100 on machinery has not been posted to depreciation account
  2. Goods purchased for Rs.500 were posted as Rs.5,000 to the purchase account.
  3. The total of the sales bookwas carried forward to the trial balance as Rs.4,530 instead of Rs.5,430.
  4. Cash received from Ramesh Rs.3,200 was posted to his account as Rs.3,000.

Asked by Topperlearning User 29th July 2016, 9:59 AM
Answered by Expert
Answer:

Rectification Entries in Journal

Date

Particulars

 

L.F.

Dr.

Rs. 

Cr.

Rs. 

 i.  

Depreciation A/c

Dr.

 

1,100

 

 

----------To Suspense A/c

 

 

 

1,100

 

(Being depreciation on machinery not been posted to depreciation account, now rectified)

 

 

 

 

 

 

 

 

 

 

 ii.  

Suspense A/c

Dr.

 

4,500

 

 

----------To PurchasesA/c

 

 

 

4,500

 

(Being goods purchased for Rs.500 were posted as Rs.5,000,now rectified)

 

 

 

 

 

 

 

 

 

 

 iii.  

Suspense A/c

Dr.

 

900

 

 

----------To Sales A/c

 

 

 

900

 

(Being wrong total of sales book carried forward as Rs.4,530 instead of Rs.5,430, now rectified)

 

 

 

 

 iv.  

Ramesh’s A/c

Dr.

 

200

 

 

----------To Suspense A/c

 

 

 

200

 

(Being cash received from Ramesh Rs.Rs.3,000, now rectified)

 

 

 

 

 

 

Suspense A/c

Dr. 

Cr.

Date

Particulars

J.F.

Rs. 

Date

Particulars

J.F.

Rs. 

 

To Purchases

 

4,500

 

By difference in trial balance

 

9,600

 

To Sales

 

900

 

By Depreciation

 

1,100

 

To Balance c/d

 

5,500

 

By Ramesh

 

200

 

 

 

10,900

 

 

 

10,900

 

 

Answered by Expert 29th July 2016, 11:59 AM
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