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Magesh, an enthusiastic young entrepreneur, started a business on 1st December, 2017. He opened a current account with a nationalised bank for his business transaction. In the same bank, he maintains his personal savings bank account too. He did not find time to maintain his cash book. So he appointed a person called Dinesh to take care of bank transactions. But that person was inexperienced.(i) On 15th December, one of his customers made online payment to Magesh’s current account, amounting to Rs. 1,000. There was no entry in the cash book for this.(ii) Dinesh received his salary in cash for Rs. 5,000. He credited this amount in the bank column of cash book.(iii) Bank made payment on 23rd December, amounting to Rs. 2,500, as per standing instruction. But, there is no entry in the cash book for the same. |
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Answer» (i) Wrong credit in cash book is Rs. 1,000. Instead of personal bank account he can open business bank account (i.e.) current account. (ii) Online payment no recorded in cash book is Rs. 1,000. (iii) Wrong credit in the cash book of bank column is Rs. 5,000. |
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