An accountant of the trading business could not agree with the Trail Balance. The excess of...
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An accountant of the trading business could not agree with the Trail Balance. The excess of amount was transferred to Suspense A/C. The following errors were subsequently discovered. 1. Received RO 1,000 from Khalid, were posted to the debit of his account. 2. RO 200 being purchase return were posted to the debit of Purchases account. 3. Discount received RO 400 is correctly entered in cashbook but posted to the debit of the discount account. 4. Salary paid RO 3,500 to Said were posted to the salary account as RO 2.500. 5. A purchase of RO 800 have been passed through the Sales Book. However, the customer's A/C is correctly credited. Rectify the following errors: 1. RO 5,000 paid for the purchase of furniture were debited in purchase account. 2. Goods sold to Safa Ro 10,000 were not recorded 3. Credit sales of RO 8800 to Rashid were recorded as 8000 4. Credit purchases from Ali Ro 10,000 were wrongly recorded in Sales book 5. Received RO 2000 from Saif has been credited to Said A/C An accountant of the trading business could not agree with the Trail Balance. The excess of amount was transferred to Suspense A/C. The following errors were subsequently discovered. 1. Received RO 1,000 from Khalid, were posted to the debit of his account. 2. RO 200 being purchase return were posted to the debit of Purchases account. 3. Discount received RO 400 is correctly entered in cashbook but posted to the debit of the discount account. 4. Salary paid RO 3,500 to Said were posted to the salary account as RO 2.500. 5. A purchase of RO 800 have been passed through the Sales Book. However, the customer's A/C is correctly credited. Rectify the following errors: 1. RO 5,000 paid for the purchase of furniture were debited in purchase account. 2. Goods sold to Safa Ro 10,000 were not recorded 3. Credit sales of RO 8800 to Rashid were recorded as 8000 4. Credit purchases from Ali Ro 10,000 were wrongly recorded in Sales book 5. Received RO 2000 from Saif has been credited to Said A/C
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Answer rating: 100% (QA)
Rectification Journal Entries SI No Particulars LF Dr RO Cr RO Remarks 1 ... View the full answer
Related Book For
Horngrens Accounting
ISBN: 978-0133855371
10th Canadian edition Volume 1
Authors: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo-Ann L. Johnston, Peter R. Norwood
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