Answer to Question #30792 in Economics of Enterprise for PUNITGUPTA

Question #30792
Q1. An accountant finds that the trial balance of his client did not tally and it showed an excess credit of Rs. 69.74. He transferred it to a suspense account and later discovered the following errors. a) Rs. 44.37 paid to Anand has been credited to his account as Rs. 34.37. b) A purchase of Rs. 145.50 has been posted as Rs. 154.50 to the purchases account. c) An expenditure of Rs. 158 on repairs has been debited to the buildings account. d) Rs. 80 was allowed by B as discount which has not been entered in the books. e) A sum of Rs. 125.05 realised on the sale of old furniture has been posted to the sales account. Give journal entries to rectify the errors and show the suspense account as it would appear after adjustments Hint: Total of suspense a/c = 78.74
Expert's answer

Not answered

Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Comments

No comments. Be first!

Leave a comment

Ask Your question

LATEST TUTORIALS
New on Blog
APPROVED BY CLIENTS
paypal