Reference no: EM13892841
The trial balance of M/s. J Ltd. on 31st March, 19x1 did not balance. The difference amount of Rs.76 was transferred to the credit of suspense account, and the accountant proceeded with the preparation of final account. Before completion of final accounts, the following errors were discovered.
a. Total of sales figure was taken as Rs.58,726 instead of Rs.58,762.
b. A discount of Rs. 52 allowed to Mr. X was not recorded in the discount allowed account.
c. The total of purchases returns book was undercast by Rs.43.
d. sale of old furniture for Rs. 130 was wrongly entered in Machinery account.
e. A credit purchase for Rs.49, made from Mr. Y was recorded in purchases book, but was omitted to record in Y's account.
f. Rs. 320 received from P was posted to the credit of R.
g. A credit sale made to Mr. S for Rs.250 was recorded twice in his account.
h. Depreciation on plant and machinery was wrongly recorded as Rs.750, instead of Rs.950
i. Rs.50, wages paid on 30th March, 19x1, are not debited to wages account.
Give journal entries to rectify the above errors, and prepare suspense account.
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: The trial balance of M/s. J Ltd. on 31st March, 19x1 did not balance. The difference amount of Rs.76 was transferred to the credit of suspense account, and the accountant proceeded with the preparation of final account. Before completion of final acc..
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