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9. A book keeper failed in balancing his trial balance, the credit exceedingthe debit by 250. The amont was entered in a suspense account. Laterthe following errors were discovered. Give journal entries to rectify theerrors and prepare the suspense account:i) Goods amounting to 620 sold to Murugan were correctlyentered in sales book, but entered to his account as 260ii) Goods amounting to * 55 were sold to Kannan for cash. It wacorrectly entered in cash book, but it was wrongly credited toKannan's a/ciii) A credit balance of 735 of rent amont was shown as 570iv) The total of returns outwards book amounting to 200 was notposted in the ledger.v) Goods worth * 100 were purchased from Murthy but theamount was entered in the sales account. The account of Murthywas correctly credited.(M.S.University Apr. 2000)(Ans : Suspence a/c Total 615) |
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Answer» Answer: balance, the CREDIT exceedingthe debit by 250. The amont was entered in a suspense account. Later the following ERRORS were discovered. Give journal entries to rectify the errors and prepare the suspense account: i) Goods AMOUNTING to 620 sold to Murugan were correctly entered in sales book, but entered to his account as 260 ii) Goods amounting to * 55 were sold to Kannan for cash. It wa correctly entered in cash book, but it was WRONGLY credited to Kannan's a/c iii) A credit balance of 735 of rent amont was shown as 570 iv) The total of RETURNS outwards book amounting to 200 was not posted in the ledger. v) Goods worth * 100 were purchased from Murthy but the amount was entered in the sales account. The account of Murthy was correctly credited. (M.S.University Apr. 2000) (Ans : Suspence a/c Total 615)We live in a world defined by the pace of change, and whilst the velocity of that change has not always impacted upon our political institut |
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