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business
introductory financial accounting
Accountancy Financial Accounting Part I 1st Edition NCERT - Solutions
Rectify the following errors assuming that suspense account was opened.Ascertain the difference in trial balance.(a) Depreciation provided on machinery Rs. 4,000 was not posted to Depreciation account.(b) Bad debts written-off Rs. 5,000 were not posted to Debtors account.(c) Discount allowed to a
Rectify the following errors :(a) Depreciation provided on machinery Rs. 4,000 was posted as Rs. 400.(b) Bad debts written off Rs. 5,000 were posted as Rs. 6,000.(c) Discount allowed to a debtor Rs. 100 on receiving cash from him was posted as Rs. 60.(d) Goods withdrawn by proprietor for personal
Rectify the following errors :(a) Depreciation provided on machinery Rs. 4,000 was not posted.(b) Bad debts written off Rs. 5,000 were not posted.(c) Discount allowed to a debtor Rs. 100 on receiving cash from him was not posted.(d) Discount allowed to a debtor Rs. 100 on receiving cash from him
Rectify the following errors assuming that suspension account was opened.Ascertain the difference in trial balance.(a) Furniture purchased for Rs. 10,000 wrongly debited to purchase account as Rs. 4,000.(b) Machinery purchased on credit from Raman for Rs. 20,000 recorded through Purchases Book as
Rectify the following errors :(a) Furniture purchased for Rs. 10,000 wrongly debited to purchases account.(b) Machinery purchased on credit from Raman for Rs. 20,000 was recorded through purchases book.(c) Repairs on machinery Rs. 1,400 debited to machinery account.(d) Repairs on overhauling of
Rectify the following errors assuming that suspense account was opened.Ascertain the difference in trial balance.(a) Credit sales to Mohan Rs. 7,000 were recorded in Purchase Book.However, Mohan’s account was correctly debited.(b) Credit purchases from Rohan Rs. 9,000 were recorded in sales
Rectify the following errors assuming that a suspense account was opened.Ascertain the difference in trial balance.(a) Credit sales to Mohan Rs. 7,000 were posted to Karan as Rs. 5,000.(b) Credit purchases from Rohan Rs. 9,000 were posted to the debit of Gobind as Rs 10,000.(c) Goods returned to
Rectify the following errors assuming that a suspense account was opened.Ascertain the difference in trial balance.(a) Credit sales to Mohan Rs. 7,000 were posted to the credit of his account.(b) Credit purchases from Rohan Rs. 9,000 were posted to the debit of his account as Rs. 6,000.(c) Goods
Rectify the following errors :(a) Credit sales to Mohan Rs. 7,000 were posted to Karan.(b) Credit purchases from Rohan Rs. 9,000 were posted to Gobind.(c) Goods returned to Rakesh Rs. 4,000 were posted to Naresh.(d) Goods returned from Mahesh Rs. 1,000 were posted to Manish.(e) Cash sales Rs. 2,000
Rectify the following errors and ascertain the amount of difference in trial balance by preparing suspense account :(a) Credit sales to Mohan Rs. 7,000 were posted as Rs. 9,000.(b) Credit purchases from Rohan Rs. 9,000 were posted as Rs. 6,000.(c) Goods returned to Rakesh Rs. 4,000 were posted as
Rectify the following errors and ascertain the amount of difference in trial balance by preparing suspense account :(a) Credit sales to Mohan Rs. 7,000 were not posted.(b) Credit purchases from Rohan Rs. 9,000 were not posted.(c) Goods returned to Rakesh Rs. 4,000 were not posted.(d) Goods returned
Rectify the following errors :(a) Sales book undercast by Rs.300.(b) Purchases book undercast by Rs.400.(c) Return Inwards book undercast by Rs.200.(d) Return outwards book undercast by Rs.100.
Rectify the following errors :(a) Sales book overcast by Rs. 700.(b) Purchases book overcast by Rs. 500.(c) Sales return book overcast by Rs. 300.(d) Purchase return book overcast by Rs. 200.
Rectify the following errors :(a) Credit Sales to Mohan Rs. 7,000 were recorded in purchases book.(b) Credit Purchases from Rohan Rs. 9,00 were recorded in sales book.(c) Goods returned to Rakesh Rs. 4,000 were recorded in the sales return book.(d) Goods returned from Mahesh Rs. 1,000 were recorded
Rectify the following errors :(a) Salary paid Rs. 5,000 was debited to employee’s personal account.(b) Rent Paid Rs. 4,000 was posted to landlord’s personal account.(c) Goods withdrawn by proprietor for personal use Rs. 1,000 were debited to sundry expenses account.(d) Cash received from Kohli
Rectify the following errors :(i) Credit sales to Mohan Rs. 7,000 were recorded as Rs.7,200.(ii) Credit purchases from Rohan Rs. 9,000 were recorded as Rs. 9,900.(iii) Goods returned to Rakesh Rs. 4,000 were recorded as Rs 4,040.(iv) Goods returned from Mahesh Rs. 1,000 were recorded as Rs.1,600.
Rectify the following errors :(i) Credit sales to Mohan Rs. 7,000 were recorded as Rs.700.(ii) Credit purchases from Rohan Rs. 9,000 were recorded. as Rs.900.(iii) Goods returned to Rakesh Rs. 4,000 were recorded as Rs 400.(iv) Goods returned from Mahesh Rs. 1,000 were recorded as Rs.100.
Rectify the following errors :(i) Credit sales to Mohan Rs. 7,000 were not recorded.(ii) Credit purchases from Rohan Rs. 9,000 were not recorded.(iii) Goods returned to Rakesh Rs. 4,000 were not recorded.(iv) Goods returned from Mahesh Rs. 1,000 were not recorded.
As an accounts for a company, you are disappointed to learn that the totals in your new trial balance are not equal. After going through a careful analysis, you have discovered only one error. Specifically, the balance of the Office Equipment account has a debit balance of Rs. 15,600 on the trial
What are the different types of errors that are usually committed in recording business transaction.
Explain the errors of commission and give two examples with measures to rectify them.
Explain errors of principle and give two examples with measures to rectify them.
Describe the purpose for the preparation of trial balance.
State the limitations of trial balance?
What kinds of errors would cause difference in the trial balance. Also list examples that would not be revealed by a trial balance?
What is a suspense account? Is it necessary that is suspense account will balance off after rectification of the errors detected by the accountant? If not, then what happens to the balance still remaining in suspense account?
What are the steps taken by an accountant to locate the errors in the trial balance?
What are the methods of preparing trial balance?
Give two examples of errors of commission?
Give two examples of errors of principle?
State the meaning of a trial balance?
A Trial balance is prepared:(a) After preparation financial statement.(b) After recording transactions in subsidiary books.(c) After posting to ledger is complete.(d) After posting to ledger is complete and accounts have been balanced,
Trial balance is:(a) An account.(b) A statement.(c) A subsidiary book.(d) A principal book.
If wages paid for installation of new machinery is debited to wages Account, it is:(a) An error of commission.(b) An error of principle.(c) A compensating error.(d) An error of omission.
If suspense account does not balance off even after rectification of errors it implies that:(a) There are some one sided errors only in the books yet to be located.(b) There are no more errors yet to be located.(c) There are some two sided errors only yet to be located.(d) There may be both one
If the trial balance agrees, it implies that:(a) There is no error in the books.(b) There may be two sided errors in the book.(c) There may be one sided error in the books.(d) There may be both two sided and one sided errors in the books.
Which of following errors will be rectified through suspense account:(a) Sales return book undercast by Rs. 1,000.(b) Sales return by Madhu Rs. 1,000 not recorded.(c) Sales return by Madhu Rs 1,000. recorded as Rs,100.(d) Sales return by Madhu Rs. 1,000 recorded through purchases returns book
Which of the following is not an error of commission:(a) Overcasting of sales book.(b) Credit sales to Ramesh Rs. 5,000 credited to his account.(c) Wrong balancing of machinery account.(d) Cash sales not recorded in cash book.
Which of the following is not an error of principle:(a) Purchase of furniture debited to purchases account.(b) Repairs on the overhauling of second hand machinery purchased debited to repairs account.(c) Cash received from Manoj posted to Saroj.(d) Sale of old car credited to sales account.
Agreement of trial balance is affected by:(a) One sided errors only.(b) Two sided errors only.(c) Both a and b.(d) None of the above.
The passbook of Mr. Randhir showed an overdraft of Rs. 40,950 on March 31, 2005.Prepare bank reconciliation statement on March 31, 2005.(i) Out of cheques amounting to Rs. 8,000 drawn by Mr. Randhir on March 27 a cheque for Rs. 3,000 was encashed on April 03.(ii) Credited by bank with Rs. 3,800 for
Prepare a bank reconciliation statement from the following particulars and show the balance as per cash book.(i) Balance as per passbook on December 31, 2005 overdrawn Rs. 20,000.(ii) Interest on bank overdraft not entered in the cash book Rs. 2,000.(iii) Rs. 200 insurance premium paid by bank has
Raghav & Co. have two bank accounts. Account No. I and Account No. II.From the following particulars relating to Account No. I, find out the balance on that account of December 31, 2005 according to the cash book of the firm.(i) Cheques paid into bank prior to December 31, 2005, but not credited
Overdraft shown by the passbook of Mr. Murli is Rs. 20,000. Prepare bank reconciliation statement on dated December 31, 2005.(i) Bank charges debited as per passbook Rs. 500.(ii) Cheques recorded in the cash book but not sent to the bank for collection Rs. 2,500.(iii) Received a payment directly
Prepare bank reconciliation statement of Shri Bhandari as on December 31, 2005(i) The Payment of a cheque for Rs. 550 was recorded twice in the passbook.(ii) Withdrawal column of the passbook under cast by Rs. 200(iii) A Cheque of Rs. 200 has been debited in the bank column of the Cash Book but it
Cheques paid into bank but not collected and credited before December 31, 2005 amounted Rs. 6,000.(Ans : Overdraft as per passbook Rs. 9,270).
A bill receivable for Rs. 700 previously discounted with the bank had been dishonoured and debited in the passbook.
The bank has collected interest and has credited Rs. 600 in passbook.
Cheques drawn but not encashed before December, 31 2005 for Rs. 4,000.
Debited by bank for Rs. 200 on account of Interest on overdraft and Rs. 50 on account of charges for collecting bills.
On December 31, 2005, the cash book of Mittal Bros. Showed an overdraft of Rs. 6,920. From the following particulars prepare a Bank Reconciliation Statement and ascertain the balance as per passbook.
Kumar find that the bank balance shown by his cash book on December 31, 2005 is Rs. 90,600 (Credit) but the passbook shows a difference due to the following reason:A cheque (post dated) for Rs. 1,000 has been debited in the bank column of the cash book but not presented for payment. Also, a cheque
Prepare bank reconciliation statement.(i) Overdraft shown as per cash book on December 31, 2005 Rs. 10,000.(ii) Bank charges for the above period also debited in the passbook Rs. 100.(iii) Interest on overdraft for six months ending December 31, 2005 Rs. 380 debited in the passbook.(iv) Cheques
On Ist January 2005, Rakesh had an overdraft of Rs. 8,000 as showed by his cash book. Cheques amounting to Rs. 2,000 had been paid in by him but were not collected by the bank by January 01, 2005. He issued cheques of Rs. 800 which were not presented to the bank for payment up to that day. There
The passbook of Mr. Mohit current account showed a credit Balance of Rs. 20,000 on dated December 31, 2005. Prepare a Bank Reconciliation Statement with the following information.(i) A cheque of Rs. 400 drawn on his saving account has been shown on current account.(ii) He issued two cheques of Rs.
Balance as per passbook of Mr. Kumar is 3,000.(a) Cheque paid into bank but not yet cleared Ram Kumar Rs. 1,000 Kishore Kumar Rs. 500(b) Bank Charges Rs. 300(c) Cheque issued but not presented Hameed Rs. 2,000 Kapoor Rs. 500(d) Interest entered in the passbook but not entered in the cash book Rs.
From the following particulars prepare a bank reconciliation statement showing the balance as per cash book on December 31, 2005.(a) Two cheques of Rs. 2,000 and Rs. 5,000 were paid into bank in October, 2005 but were not credited by the bank in the month of December.(b) A cheque of Rs. 800 which
Prepare bank reconciliation statement as on December 31, 2004. On this day the passbook of Mr. Himanshu showed a balance of Rs. 7,000.(a) Cheques of Rs. 1,000 directly deposited by a customer.(b) The bank has credited Mr. Himanshu for Rs. 700 as interest.(c) Cheques for Rs. 3000 were issued during
On comparing the cash book with passbook of Naman it is found that on March 31, 2005, bank balance of Rs. 40,960 showed by the cash book differs from the bank balance with regard to the following :(a) Bank charges Rs 100 on March 31, 2005, are not entered in the cash book.(b) On March 21, 2005, a
Bank balance of Rs. 40,000 showed by the cash book of Atul on December 31, 2005. It was found that three cheques of Rs. 2,000, Rs. 5,000 and Rs. 8,000 deposited during the month of December were not credited in the passbook till January 02, 2005. Two cheques of Rs. 7,000 and Rs.8,000 issued on
The cash book shows a bank balance of Rs. 7,800. On comparing the cash book with passbook the following discrepancies were noted :(a) Cheque deposited in bank but not credited Rs. 3,000(b) Cheque issued but not yet present for payment Rs. 1,500(c) Insurance premium paid by the bank Rs. 2,000(d)
On March 31 2005 the cash book showed a balance of Rs. 3,700 as cash at bank, but the bank passbook made up to same date showed that cheques for Rs. 700, Rs. 300 and Rs. 180 respectively had not presented for payment, Also, cheque amounting to Rs. 1,200 deposited into the account had not been
From the following particulars, preparea, bank reconciliation statement as at March 31, 2005.(i) Balance as per cash book Rs. 3,200(ii) Cheque issued but not presented for payment Rs. 1,800(iii) Cheque deposited but not collected upto March 31, 2005 Rs. 2000(iv) Bank charges debited by bank Rs. 150
Explain the process of preparing bank reconciliation statement with amended cash balance.
Explain the reasons where the balance shown by the bank passbook does not agree with the balance as shown by the bank column of the cash book.
What is a bank reconciliation statement. Why is it prepared?
Enumerate the steps to ascertain the correct cash book balance.
Briefly explain the term ‘favourable balance as per cash book’
State the causes of difference occurred due to time lag.
Briefly explain the statement ‘wrongly debited by the bank’ with the help of an example.
What is a bank overdraft?
State the need for the preparation of bank reconciliation statement?
A bank reconciliation statement is mainly prepared for :(a) Reconcile the cash balance of the cash book.(b) Reconcile the difference between the bank balance shown by the cash book and bank passbook(c) Both a and b(d) None of these
Favourable bank balance means :(a) Credit balance in the cash book (b) Credit balance in passbook(c) Debit balance in the cash book (d) Both b and c
Unfavourable bank balance means :(a) Credit balance in passbook (b) Credit balance in cash book(c) Debit balance in cash book (d) None of these
Passbook is a copy of :(a) Copy of customer Account (b) Bank column of cash book(c) Cash column of cash book (d) Copy of receipts and payments
A bank reconciliation statement is prepared with the balance :(a) Passbook (b) Cash book(c) Both passbook and cash book (d) None of these
A bank reconciliation statement is prepared by :(a) Creditors (b) Bank(c) Account holder in a bank (d) Debtors
What do you understand by balancing of account?
Describe the advantages of sub-dividing the Journal.
What is petty cash book? Write the advantages of petty cash book?
What is contra entry? How can you deal this entry while preparing double column cash book?
What is cash book? Explain the types of cash book.
Explain the need for drawing up the special purpose books.
What do you understand by Imprest amount in petty cash book?
Write the process of preparing ledger from a journal.
What is difference between trade discount and cash discount?
What do you understand by ledger folio?
Write the difference between return Inwards and return ouwards.
Define the purpose of maintaining subsidiary journal.
Explain the meaning of posting of journal entries?
What is petty cash book? How it is prepared?
What are special purpose books?
What is the purpose of contra entry?
Briefly state how the cash book is both journal and a ledger.
Rent account and Cash account, Expense and Assets, Expenses increases Assets decreases.
Ramesh account and Cash, liabilities and Assets, Liabilities decreases Assets increases.
Sarita account and Sales account, Asset and Revenue, Assets decreases Revenue decreases.
Loan account and Bank, Liability and Asset, Liabilities increases Asset decreases.
Furniture account and Cash account, Asset increases Asset decreases.
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