Miss Daisy was unable to agree the Trial Balance last year and wrote off the difference...
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Miss Daisy was unable to agree the Trial Balance last year and wrote off the difference to the profit and loss account of that year. On verifying the old books by a Chartered Accountant next year, the following mistakes were found. (1) Purchase account was undercast by Rs. 8,000 (ii) Sale of goods to Mr. Raim for Rs. 2, 500 was omitted to be recorded (iii) Receipt of cash from Mr. Ashok as posted to the account of Mr. Anbu Rs. 1,200 (ix) Amount of Rs 4, 167 of sales was wrongly posted as Rs.4,617 (v)RepairstoMachinerywasdebitedtoMachinery AccountRs.1,800 (vi)AcreditpurchaseofgoodsfromMr.PaulforRs.3,000$$ entered as sales Suggest the necessary rectification entries Miss Daisy was unable to agree the Trial Balance last year and wrote off the difference to the profit and loss account of that year. On verifying the old books by a Chartered Accountant next year, the following mistakes were found. (1) Purchase account was undercast by Rs. 8,000 (ii) Sale of goods to Mr. Raim for Rs. 2, 500 was omitted to be recorded (iii) Receipt of cash from Mr. Ashok as posted to the account of Mr. Anbu Rs. 1,200 (ix) Amount of Rs 4, 167 of sales was wrongly posted as Rs.4,617 (v)RepairstoMachinerywasdebitedtoMachinery AccountRs.1,800 (vi)AcreditpurchaseofgoodsfromMr.PaulforRs.3,000$$ entered as sales Suggest the necessary rectification entries
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Journal Entries in the books of Miss Daisy Date Particulars Dr Rs Cr Rs i Profit Loss Adjustment Ac ... View the full answer
Related Book For
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
Posted Date:
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