The total of Returns Inward Book has been cast Rs.1,000 short. i. 50,000. iv. Solution: Question 49. iv. Sales to Vinod of Rs.143 credited to his account as Rs.134. Pass the Journal entries to rectify the above errors and state what amount was carried to the Suspense Account. Sale of old furniture for Rs.5,000 was treated as sales of goods. i. i. Rs.500 spent on building repairs has been debited to the Building Account. Received from Akhil ₹ 38,000 in settlement of … Solution: Question 9. Old furniture sold for Rs.1,000, passed through the Sales Book. Bill Receivable for Rs.1,600 from Noor was dishonoured and posted to debit of Allowances Account. Correct the following errors in Mohan Lars Book: ... Sold goods for Cash: 6,000: 10: Received from Ram: 1,000: 12: Paid to Shiv Kumar: 2,600: 15: Cash Sales: 8,400: 18: Purchased furniture for cash for … iii. ii. Solution: Question 27. Solution: Question 13. Rectify the following errors by passing Journal entries: i. The purchase of an office table costing Rs.3,000 has been passed through the Purchases Book. 10,000. Journal entry - received cheque from Ram by: Vengadathri Cash a/c Dr xxx To Ram a/c xxx (Cheque received from ram but not deposited into the bank account) CHEQUE ENTRY by: ARUN KAUSIK ... After clearance of the cheque (when the money literally is in your bank account) then the entry will be: Cash (bank account) db Cheques receivable cr: Entry for cheque received by a debtor by: Aryan Mangal … Goods taken by the proprietor for Rs.5,000 have not been entered in the books at all. A sale to Kassim of Rs.700 has been entered in the Purchases Book. iii. How will you rectify the following errors? Rectify the following errors by means of Journal entries: (Delhi 2008) Took the week off for the holidays. Rectify the following errors by passing Journal entries: (MSE Chandigarh 2005) A credit sale of goods of Rs.120 to Peter has been wrongly passed through the Purchases Book. v. Bill for Rs.820 received from Ramesh for repair of machinery was entered in the Purchases Book as Rs.720. ii. In practice the entry to the accounts receivable would be a two stage process. A cheque for Rs.200 drawn for the Petty Cash Account has been posted in the account of Asif. To prepare the Final Account on 31st March, 2009, this difference is placed in a Suspense Account Afterwards the following errors were disclosed. Total of the Purchases Journal of Rs.5,250 has been posted to Purchases Account as Rs.5,205. (KVS 2005) A sale of Rs.6,540 to Rajat has been credited to his account. Commission Receivable Account. Sales Book carried forward Rs.41 less on Page 10 and Rs.43 more on Page 12 When goods are sold on credit, amount will be received after some days. iii. 7 as Rs.5,600 instead of Rs.5,000. Pass the necessary entries to rectify them and show the Suspense Account. The total of one page of Sales Book was carried forward as Rs.371 instead of Rs.317. i. Solution: Question 22. iv. Received … Later on the following errors were located: Discount received from Ram and Co. Rs.350, has not been entered in the discount column of the Cash Book. i. Entry to be made. Solution: Question 31. Solution: Kerala Syllabus 9th Standard Physics Solutions Guide, Kerala Syllabus 9th Standard Biology Solutions Guide. B. State the nature of each of these mistakes. 13: Purchased office … Sales Book has been totaled Rs.1,000 short. 2. Credit purchases from Ram & Co. for Rs. Rent of proprietor’s residence, Rs.6,500 debited to Rent Account. Goods worth Rs.130 returned by Gian were entered in the Sales Book and posted therefrom to the credit of Gian’s Personal Account. iii. Solution: Question 46. ii. While carrying forward the total of the Sales Book from one page to another the amount of Rs.11,358 was written as Rs.11,538. Balance of Sales Book is carried forward short by Rs.1,000. x. Balance of Sales Return Book is carried forward in excess by Rs.100. i. iv. (adsbygoogle = window.adsbygoogle || []).push({}); The received cash on account journal entry will be as follows. v. An item of`2,000 entered in the Sales Return Book was posted to the debit of Pandey who had returned the goods. (MSE Chandigarh 2013) Cash has been received by the business and needs to be debited to the asset account of cash. Journal Entry for Credit Purchase and Cash Purchase To run successful operations a business needs to purchase raw material and manage its stock optimally throughout its operational cycle. Rs.2,000 paid as wages for machinery installation was debited to Wages Account. iv. ii. In case of a transaction where both trade discount and cash discount are allowed, the trade discount is allowed first and then the cash discount is processed. Goods returned by Mridul Rs.225 have been entered in the Returns Outward Book. iii. iii. You are required to pass the necessary rectification entries in respect of the above. i. Received $3,000 cash from Gomez Co. on its receivable. Rs.750 received from Rajesh are entered on the debit side of the Cash Book. Returns Outward Journal has been overcast by Rs.85. Joshi had been dishonoured and was passed to the debit of the Allowances Account. Give the rectifying entries of the following: iii. Solution: Question 40. Sales to Vinod of Rs.143 posted to his account as Rs.134. Hence the entry would be : – Cash A/c Dr. 10,000 ToRam’s A/c 10,000. Purchases from Pal of Rs.1,430 posted to his account as Rs.1,340. iv. Solution: Question 24. 1. Give the Journal entries to rectify the following errors: i. Rs.5,000 received from Rakesh were credited to his Personal Account. Rectify the following errors: Accounting and journal entry for credit purchase includes 2 accounts, Creditor and Purchase. No entry was made for goods worth Rs.40 taken away by proprietor for personal use. How will you rectify the following errors? Such a loan is shown as a liability in the books of the company. Solution: Question 29. v. Sales of Rs.204 to Ram debited to his account as Rs.402 and purchases ofRs.1,012 from Shyam credited to his account as Rs.1,210. Ramesh’s Account was credited with Rs.840 twice instead of once. ii. Goods sold to Surinder recorded in Purchases Book Rs.300. Cash paid to Amar Nath, Rs.75, was posted to the credit of Amar Singh’s Account as Rs.57. 3. Cash received from Rajat Rs.5,000 was posted to the debit of Bhagat as Rs.6,000. ii. Rs.500 received from Jhaveri Bros. for interest on loan advanced to them were recorded in the Cash Book. A similar amount was deducted from the salaries of the staff members concerned and the net payments to them debited to Salaries Account. i. ii. Trade discount is allowed at the time of credit sales. Dr Furniture (asset) 5,000 Cr Cash 5,000 Cash purchase of furniture. Goods returned to Ram Rs.1,000 were recorded in the Sales Book. iii. iv. iii. Jan 18: Received cheque from sohan for 3,800 in full settlement of his account. 19. Rectify the following errors: Salary paid to an employee, Mr. Ajay, is debited to his Personal Account Rs.3,000. Solution: Question 25. Cr Accounts Receivable 3,000. Solution: Question 42. Jan 19: Cheque of sohan lodged in bank. iii. A cash sale of Rs.5,000 to Black, correctly entered in the Cash Book, was posted to the credit of Black’s Account in the Ledger. 2. Credit purchases from Ram & Co. for Rs. iv. Rectify the following errors: Pass the rectifying Journal entries. Paid Income Tax Rs. Rectify the following errors: (MSE Chandigarh 2011) iv. i. iii. ii. Journal Entry for Discount Allowed. A credit item of Rs.349 has been debited to a Personal Account as Rs.439. Purchases Book is overcast by Rs.500. An addition in the Returns Inward Book had been cast Rs.100 short. iv. ii. The cheque was not honoured on due date and the amount of discount was credited to Discount Received Account. Goods sold to Rs.4,750 have been wrongly entered in the Sales Journal as Rs.7,450. Pass the entries required to rectify the following errors which accounted for the difference. Bank charged 50 for it. Solution: Question 28. ii. iii. i. iii. iv. Cash Receipt Journal Entry; Account Debit Credit; Cash: 500: Accounts receivable: 500: Total: 500: 500: In practice the entry to the accounts receivable would be a two stage process. This is true at any time and applies to each transaction. ii. These solutions for Books Of Original Entry Journal are extremely popular among Class 11 Commerce students for Accountancy Books Of Original Entry Journal Solutions come handy for quickly completing your homework and preparing for exams. Cash received Journal Entry – Debtor. Solution: Question 12. v. Goods to the value of Rs.7,000 returned by X were included in closing stock, but no entry was made in the books. A cheque of Rs.5,000 received from Ashish was dishonoured and was debited to Discount Account. Purchases Journal was Rs.2,150. Jan … Installation charges on new machinery purchased Rs.500 were debited to Sundry Expenses Account as Rs.50. iii. ii. Solution: Question 10. iii. Make the necessary entries to rectify them: iv. Salary paid to Miss Yugakshi Rs.1,000 was debited to her Personal Account as Rs.900. v. Cash received from A Rs.2,500 has not been posted in his account. Goods sold to Gautam were posted as Rs.215 instead of Rs.251. 07: Services are performed and clients are billed for Rs. … v. An addition in the Returns (Inward) Book had been cast Rs.100 short. (Discount allowed in the regular course of business) Received 5,000 from Unreal Co. in full and final settlement of their account worth 10,000. iv. Solution: Question 18. Jan 17: Paid cash 1,500 to ram in full settlement of his account. ix. iv. (MSE Chandigarh 2006) The amount would be posted to the sales ledger, to the individual account of the customer, and then the control totals in the sales ledger would be posted to the accounts receivable control account. Pass the rectifying entries for the following: Goods bought on credit from Ram Lal for Rs.1,500 were wrongly debited to his account as Rs.5,100. iv. Solution: Question 39. iv. ii. Note: The above errors have been detected before the preparation of Trial Balance. iv. i. iii. How will you rectify the following errors? Goods (Cost Rs.2,000, Sales Price Rs.2,500) distributed as free samples among prospective customers were not recorded anywhere. iii. iv. ii. iv. To Cash A/c 10,000. Rs.100 being purchases return was posted to the debit of the Purchases Account. iv. Example: On January 1, 2016, Modern Trading Company sold merchandise for $2,500 to Small Retailers. Purchase from Krishna Mohan of Rs.2,250 has been debited to his account. Credit amount of Rs.260 posted to the debit of the Personal Account as Rs.360. Radhey Shyam returned goods worth Rs.500 which was entered in the Purchases Return Book. Total of one page of the Sales Book was carried forward to the next page as Rs.2,785 instead of Rs.2,587. Pass the rectifying Journal entries. Solution: The Returns Inward Book has been wrongly overcast by Rs.100. Jan 27: Received cash from … This journal entry is made when cash refund is given to the customer for the goods returned by him. 3. iv. A sum of Rs.470 received from Ganga was posted to her debit as Rs.740. Debit and Credit totals of discount columns in the Cash Book which come to Rs.400 and Rs.370 respectively have not been posted to Discount Accounts. Question 23. (ii) Received an order from AK & Co. for goods of ₹ 1,00,000 along with a cheque for ₹ 25,000 as advance. All questions and answers from the Accountancy Dk Goel 2019 Book of Class 11 Commerce Accountancy Chapter 3 are provided here for you for free. 1. (Delhi 2006) CGST and SGST is levied @ 6% each. ii. Credit The business now has a liability to repay the lender (the bank) the money on the due date in accordance with the loan agreement. Rs.500 received from K. Krishna was debited to his account. v. Rs.400 paid to C. Das was debited to the account of G. Dass. A received cash on account journal entry is needed when a business has received cash from a customer and the amount is not allocated to a particular customer invoice or the customer has not yet been invoiced. Gupta and Sons shows a difference of Rs.52,200. (MSE Chandigarh 2015) Pass Journal entries in the books of Puneet, Delhi for the following: (i) Received an order from Karan & Co. for supply of goods of ₹ 50,000. If merchandise purchased are not according to specification or they are defective, buyer may return them to the seller or ask him for an allowance (reduction in price). Solution: Question 11. Goods costing Rs.5,000 were purchased for various members of the staff and the cost was included in Purchases’. Rs.100 received from Shaw and Co. have been wrongly entered as from Shah and Co. So Cash A/c would be debited. Rs.2,000 paid to Mehta Bros. against acceptance were debited to Malhotra Bros Account. Machinery purchased on credit from Raman for Rs.2,000 recorded through PurchaS Book as Rs.16,000. A Sales Invoice for Rs.1,000 for goods sold on credit to B. Basu was entered in the Purchases Book but in the Ledger, the amount was correctly debited to the account of B. Basu. Rs.540 received from Yatin was posted to the debit of his Account. The Trial Balance of M/s. We are receiving money, so our bank increasing means we debit it. He has worked as an accountant and consultant for more than 25 years and has built financial models for all types of industries. Problems 2: Prepare general journal entries for the following transactions of a business called Pose for Pics in 2016: Aug. 1: Hashim Khan, the owner, invested Rs. Furniture costing Rs.500, purchased from Jyoti, was wrongly entered in Purchases Book as Rs.450. The debit records the increase in the cash balance in the balance sheet of the business. ii. i. iv. iii. iii. The Sales Book for the month of April was undercast by Rs.100. It will later be allocated to an invoice posted on the account of the customer. Sales Book is short casted by Rs.5,000. Rs.9,000 paid for furniture bought have been charged to the Purchases Account. Related Topic – Journal Entry for Discount Received . The accounting records will show the following bookkeeping entries for the cash received on account from the customer: Download the latest available release of our FREE Simple Bookkeeping Spreadsheet by subscribing to our mailing list. Goods worth Rs.11,970 returned by Manav posted to his debit as Rs.11,790. (Delhi 2011) Bills Receivable from Brown for Rs.3,000 posted to the credit of Bills Payable Account and credited to Brown’s Account. Repairs to building Rs.300 were debited to Building Account. Discount of Rs.300 received was posted to the debit of the Discount Account. Purchase of office furniture worth Rs.750 on credit from Delhi Furnitures was entered in the Purchases Book. iii. iv. i. Goods worth Rs.1,500 returned by Green and Co. have not been recorded anywhere. Pass the rectifying entries and prepare a Suspense Account to rectify the following errors: iv. Goods amounting to Rs.800, returned by Blue, were entered in the Sales Book and posted there from to the credit of Blue’s Account. ii. A cheque for Rs.10,000 was received from Ranjan on which Rs.200 Cash Discount was allowed. Purchases of Rs.540 from Ramneek was written in Sales Book but was correctly posted to correct side of Ramneek’s Account. iv. These solutions for Books Of Original Entry Cash Book are extremely popular among Class 11 Commerce students for Accountancy Books Of Original Entry Cash Book Solutions come handy for quickly completing your homework and preparing for exams. ... Discount received from Ram and Co. Rs.350, has not been entered in the discount column of the Cash Book. Jan 18: Received cheque from sohan for 3,800 in full settlement of his account ... Jan 25: Bank is advised to issue draft to amar for 4,500. Total of Returns Inward Book was added by Rs.200 instead of Rs.250. iii. Purchases Book was overcast by Rs.1,000. 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Furniture has not been recorded anywhere passing Journal entries to rectify the following errors were discovered:.! Are performed and clients are billed for Rs – cash A/c Dr. ToRam. Rent Account Book carried forward in excess by Rs.1,000 credit Rs.300 have been wrongly through...