Answer to Question #31322 in Finance for Vipul
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 realized 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
A correcting entry is a journal entry whose purpose is to rectify the effect of an incorrect entry previously made.
The correcting entries will be:
a) Accounts Payable 10
b) Accounts Payable 9
c) Buildings 158
d) Accounts Payable & 80
e) Sales 125.05 &
f)& Cash & 125.05
Total of suspense a/c = 78.74
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!