ii. Purchases Journal was Rs.2,150. Sale of old furniture worth Rs.3,000 treated as sales of goods. Solution: Question 3. Pass the entries required to rectify the following errors which accounted for the difference. 57,500 cash and Rs. iv. iii. iii. 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. Sales Book carried forward Rs.41 less on Page 10 and Rs.43 more on Page 12 ii. (MSE Chandigarh 2013) v. A sale of Rs.594 was posted as Rs.495 in the Sales Account. Chartered accountant Michael Brown is the founder and CEO of Double Entry Bookkeeping. What are the different causes that make a Trial Balance incorrect? 3. An amount of Rs.3,000 withdrawn by the proprietor of the firm for his personal use was posted to the Travelling Expense Account. The accountant put the difference in Suspense Account. Sales Book was undercast by Rs.200. iv. v. Bill for Rs.820 received from Ramesh for repair of machinery was entered in the Purchases Book as Rs.720. For example cheque received from Ram on 15th March is deposited on 18th March, following entries will be passed: 15/3 Cash A/c Dr. To Ram (On receipt of cheque) 18/3 Bank A/c Dr. To Cash A/c Old furniture sold for Rs.1,000, passed through the Sales Book. Jain and Sons, prepared for the year ended 31st March, 2009. Commission Receivable Account. iv. The total of the credit side of Ramesh’s Account was overcast by Rs.2,000. Which of the following errors will affect the Trial Balance? iii. Depreciation provided on machinery Rs.3,000 was posted to Machinery Account Rs.300. ii. Furniture purchased for Rs.8,100 was posted to Furniture Account as Rs.810. iii. Sales Return Book is short casted by Rs.500. Jan 19: Cheque of sohan lodged in bank. The Sales Book of December was added short by Rs.500. Correct the following errors in Hari’s Books: iii. To record such returns and allowances, an account is known as “purchasesreturns and allowances” is used in the books of the buyer. iv. Purchases of Rs.540 from Ramneek was written in Sales Book but was correctly posted to correct side of Ramneek’s Account. Solution: He I placed the amount in a Suspense Account and subsequently found the following errors: A sum of Rs.470 received from Ganga was posted to her debit as Rs.740. Basudev returned goods worth Rs.500; his account was debited by this amount. A sum of Rs.470 received from Ganga was posted to her debit as Rs.740. i. Record Navin Gupta & Sons Journal Entries. 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. Pass the rectification entries for the following transactions: 4. (Delhi 2003) How will you rectify the following errors? i. Rectify the errors by means of suitable Journal entries and show the Suspense Account. ii. Goods worth Rs.200 purchased from Sohan had been posted to his account as Rs.250. v. A debit balance of Rs.2000 on the Personal Account of Mr. John (correctly shown in the Ledger) has been omitted when extracting a Trial Balance. Sales Return Book is short casted by Rs.500. (MSE Chandigarh 2006) Later on the following errors were located: Solution: Question 26. iii. Rs.2,740 paid for repairs to motor car was debited to Motor Car Account as Rs.1,740. Solution: Question 17. A cheque for Rs.7,500 received from S. Desai was credited to the account of R. Gupta. To prepare the Final Account on 31st March, 2009, this difference is placed in a Suspense Account Afterwards the following errors were disclosed. Rectify the following errors: 10,000. … v. Purchases Return Book is overcast by Rs.400. Pass the necessary entries to rectify them and show the Suspense Account. 32,500 of photography equipment in the business. iii. v. Rs.400 paid to C. Das was debited to the account of G. Dass. iii. Purchases Book total had been undercasted by Rs.20,000. Solution: Question 25. He traced the following errors: iv. What is the journal entries for when the owner purchased furniture for cash Rs.5000 for business use from his own pocket? Pass Journal entries to rectify the errors in the following cases: iv. Solution: i. ii. From the Purchases Book, Bose’s Account was debited with Rs.175. See the tutorial on the journal entry for when a debtor pays for a full example and explanation. 1: Payment or Amount received from Mr A of Rs 9,900/-and allowed him the discount of Rs 100/-. iv. CGST and SGST is levied @ 6% each. iii. Cash received from Rajat Rs.5,000 was posted to the debit of Bhagat as Rs.6,000. A credit sale of goods of Rs.120 to Peter has been wrongly passed through the Purchases Book. Solution: Question 43. Trial Balance of a bookkeeper shows an excess of debits over credits by Rs.261. Rectify the following errors: In the Sales Book for the month of January total of Page No. State the nature of each of these mistakes. ii. At the time of cash received, cash discount is allowed. (KVS 2005) (KVS 2010) ii. A sale of Rs.375 to Kohli was entered in the Sales Book as Rs.735. i. 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. Jan … or. ii. Rectify the following errors: Pass the rectifying Journal entries: A purchase of goods from David amounting to Rs.150 has been wrongly passed through the Sales Book. Reimbursed A. Lopez for business automobile mileage (600 miles at $0.32 per mile). iv. Goods returned by Mridul Rs.225 have been entered in the Returns Outward Book. Cr Cash 192. Installation charges on new machinery purchased Rs.500 were debited to Sundry Expenses Account as Rs.50. Solution: Question 32. Balance of Sales Return Book is carried forward in excess by Rs.100. Solution: Question 47. iv. Now, We will discuss the Journal Entry for Discount Allowed in the three following cases shown as below: 1. Dr Cash 5,000 Cr Capital 5,000 Owner investing cash in business. Trade discount is allowed at the time of credit sales. Cheque of Rs.400 received from Ranjan was dishonoured and debited to the Discount Account. ii. Returns Outward Book had been overcasted by Rs.10,000. vii. Rectify the following errors: Rs.540 received from Yatin was posted to the debit of his Account. Rs.100 received from Shaw and Co. have been wrongly entered as from Shah and Co. Cash paid to Amar Nath, Rs.75, was posted to the credit of Amar Singh’s Account as Rs.57. iii. Purchase of office furniture worth Rs.750 on credit from Delhi Furnitures was entered in the Purchases Book. Machinery purchased for Rs.35,000 was passed through the Purchases Book. The total of Purchases Return Book has been undercast by Rs.1,500. Cash has been received by the business and needs to be debited to the asset account of cash. A cheque of Rs.5,000 received from Ashish was dishonoured and was debited to Discount Account. i. Purchases Book has been undercast by Rs.1,000. Credit sale to Rahul Rs.7,000 was recorded as Rs.700. Wages paid to the firm’s workmen for making certain additions to machinery amounting to Rs.1,340 were debited to Wages Account. Return of goods worth Rs.5,000 by a customer was entered in the Purchase Return Book. No entry needed. Not to be confused with … Entry to be made. Pass the Journal entries necessary to rectify these errors and show the Suspense Account as it would appear at the end of the week. iii. A cheque received from Vasudev for Rs.7,800 had been debited in the Cash Book but not posted in Vasudev’s Personal Account. Solution: Question 21. i. You are presented with a Trial Balance showing a difference which has been carried to the Suspense Account and the following errors are revealed: Question 8. i. vii. In practice the entry to the accounts receivable would be a two stage process. iv. ix. The following errors were found: He has worked as an accountant and consultant for more than 25 years and has built financial models for all types of industries. Rs.2,050 paid to Rohit is posted to the debit of Mohit’s Account as Rs.5,020. iv. There was a difference of Rs.720 in the Trial Balance which has been transferred to the credit side of the Suspense Account. v. Goods amounting to Rs.10,000 sold to Red were correctly entered in Sales Book but posted to Red’s Account for Rs.18,000. Cash received from Tarun 12,000 : 5 th May : Took loan from Anush 15,000 : 6 th May : Cheque received from Pranav 15,000 : 6 th May : Paid to Intel Computers by cheque 17,000 : 6 th May : Withdrew from bank 5,000 : 7 th May : ... Write journal entries in the books of Chikky & Bros. 10 th June : Paid wages 12,000 : 11 th June : paid rent by cheque 10,000 : 13 th June : Paid salary to Mr. Charan 12,000 : 14 th … (Delhi 2011) Such a loan is shown as a liability in the books of the company. 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. ii. Correct the following errors in Mohan Lars Book: Receive a Loan Journal Entry Explained. Solution: Question 27. ii. Solution: Question 30. Goods worth Rs.11,970 returned by Manav posted to his debit as Rs.11,790. Out of Insurance premium paid this year, Rs. Home > Accounts Receivable > Received Cash on Account Journal Entry. 07: Services are performed and clients are billed for Rs. Further , receipt of money from Ram in Cash , results in increase of Cash, which is an Asset. You can also combine the 2 journal entries above into 1 complex entry: Dr Cash 5,000 Cr Capital 5,000 iii. An amount of Rs.2,000 received from Mohan on 1st April, 2013 had been entered in the Cash Book as having been received on 31st March, 2013. Sales of Rs.20,000 to Manoj were recorded as Rs.2,000 in the Sales Book. A. Returned goods to Shyam Rs.1,500 were passed through Returns Inward Book. 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. Rectify the following errors: (iii) Paid to staff ₹ 40,000 against outstanding salary of ₹ 60,000. The balance in the account of Mr. Rahim Rs.1,000 had been written off as bad but on other account has been debited. How will you rectify the following errors? i. Received … ii. Purchases of office furniture of Rs.10,000 was recorded in Purchases Book. Pass the rectifying entries and prepare a Suspense Account to rectify the following errors: v. Rs.460 paid for building repairs was debited to the Building Account as Rs.640. 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. But the entry was not posted in the Ledger. i. Cash received from Rajesh Rs.2,150 was credited to Brajesh. Sales to Vijay of Rs.2,470 posted to his account as Rs.2,740. The Sales Book for the month of April was undercast by Rs.100. Sales Book was overcast by Rs.3,000. ii. ii. Dr Furniture (asset) 5,000 Cr Cash 5,000 Cash purchase of furniture. Solution: Question 10. (Delhi 2006) ii. i. ii. Question 23. The cheque was not honoured on due date and the amount of discount was credited to Discount Received Account. The Trial Balance of S. Sen did not agree and the difference in books was carried to a Suspense Account. These two journal entries complete the accounting process required in the books of seller for the return of merchandise. Rectify the following errors: (KVS 2008) Make the necessary entries to rectify them: 7 as Rs.5,600 instead of Rs.5,000. ii. The total of Sales Return Book overcast by Rs.800. iv. ii. i. 50,000. You are required to pass the necessary rectification entries in respect of the above. Solution: Question 24. 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.. Cash Receipt Bookkeeping Entries Explained Solution: Question 42. ii. (Delhi 2010) v. Ramesh’s Account was credited with Rs.840 twice instead of once. Debit:-Cash Account. i. Rs.5,000 paid for freight on machinery purchased was debited to the Freight Account as Rs.500. iv. viii. Goods costing Rs.4,000 taken by the proprietor for personal use have been debited to Debtor’s Account. Rs.200, salary paid to Cashier, B. Naidu, stands wrongly debited to his Personal Account. The total of Returns Inward Book has been added Rs.10 short. Rs.5,000 received from Rakesh were credited to his Personal Account. Hence the entry would be : – Cash A/c Dr. 10,000 ToRam’s A/c 10,000. i. D’s bill for erection of godown at a cost of Rs.1,200 has been charged to the Repairs Account. Pass the rectification entries for the following transactions: i. Rs.500 spent on building repairs has been debited to the Building Account. Debit:-Bank Account. Rs.500 received from Jhaveri Bros. for interest on loan advanced to them were recorded in the Cash Book. Cash received from Rajesh Rs.2,150 was credited to Brajesh. iii. Discount Allowed and the net received amount or total due amount is given Example No. i. Rectify the following errors by passing Journal entries: Discount received acts as a gain for the business and is shown on the credit side of a … iv. (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. Purchases Return Book is overcast by Rs.1,000. Old machine was sold for Rs.5,000 was credited to Sales Account. 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. 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. Credit:-Commission Received Account. Following errors affecting the accounts for the year 2015 were detected in the books of Dasand Co., Meerut: Ramesh’s Account was credited with Rs.840 twice instead of once. iii. ii. Sales Book is short casted by Rs.5,000. Pass Journal entry for sale of goods by Rahul, Delhi to Anish, Delhi for ₹ 10,000 less 10% Trade Discount and 2% Cash Discount. Sale of old furniture for Rs.5,000 was treated as sales of goods. Balance of Sales Book is carried forward short by Rs.1,000. Rs.3,750 paid for wages to workmen for making showcases had been charged to the Wages Account. Solution: Question 35. Rectify the following errors: Solution: Question 46. However, Yash Pal’s Account is correctly posted. i. A credit sale of goods for Rs.2,500 to Krishna has been wrongly passed through the Purchases Book. i. 3. "Journal entry for commission" received from ram will be: Cash A/c Dr. To "commission received" (Being, commission received in cash and journal entry passed.As per golden rules of accounts, for nominal nature of accounts it states that, credit all expenses and for real nature of accounts it states that "debit what comes in" and "credit what goes out". iv. i. Jan 17: Paid cash 1,500 to ram in full settlement of his account. Here is the journal entry to record the above payment from the debtor: Cash or bank is an asset. Sales Book was overcast by Rs.500. 4. This is true at any time and applies to each transaction. Sales Book has been totaled Rs.1,000 short. How will you rectify the following errors? Rectify the errors and show the Suspense Account with Nil closing balance. 04: Paid Rs. Rs.1,000 paid as installation charges of a new machine has been debited to Repairs Account. The total of Returns Inward Book has been cast Rs.1,000 short. 15,000 is related to next year. Pass the Journal entries to rectify the following errors: Pass the rectifying entries and prepare a Suspense Account. Goods bought on credit from Ram Lal for Rs.1,500 were wrongly debited to his account as Rs.5,100. iii. There was a difference in the Trial Balance of M/s. Rectify the following errors by passing Journal entries: i. Solution: Question 44. iii. Also, prepare the Suspense Account: Goods sold to Surinder recorded in Purchases Book Rs.300. A builder’s bill for Rs.25,000 for erection of a small shed was debited to Repairs Account. ii. There was an error in the Trial Balance of Ram Gopal on 31st March, 2013 and the difference in books was carried to the Suspense Account. Solution: Question 45. Assume payment is received at the time of sale. Solution: Question 5. Note: The above errors have been detected before the preparation of Trial Balance. Solution: Question 37. Received from Akhil ₹ 38,000 in settlement of … Rectify the following errors: A debit balance … Radhey Shyam returned goods worth Rs.500 which was entered in the Purchases Return Book. ii. For example, suppose a business provides design services and has received cash of 4,000 from a customer. (adsbygoogle = window.adsbygoogle || []).push({}); The amount is credited to the accounts receivable account of the customer to record the fact that the cash has been received from them. ii. iv. iii. v. Cash Rs.250 received from Maitra against debt previously written off was credited to his account. (KVS 2015) Jan 27: Received cash from … A payment of Rs.5,000 for salaries (to Mr. Ram) has been posted twice to the Salaries Account. i. To commission received account In the above journal entry according to accounting principle of debit what comes in cash or bank account is debited as cash has come into the business and commission received account is credited as it an income for the company and hence credit all income and gains principle of accounting is followed. iv. The Accounting Equation, Assets = Liabilities + Owners Equity means that the total assets of the business are always equal to the total liabilities plus the equity of the business. An item of Rs.1,062 entered in Sales Return Book had been posted to the debit of customer who returned the goods. 2. Credit purchases from Ram & Co. for Rs. Solution: iv. On going through the books, you find that: iii. Bank charged 50 for it. ii. iii. Rs.2,000 paid to Mehta Bros. against acceptance were debited to Malhotra Bros Account. iii. B. 2. Credit purchases from Ram & Co. for Rs. The proprietor took goods of the value of Rs.150 for his domestic consumption. i. ii. Rs.1,000 paid for repairs to building have been debited to Building Account. Solution: Kerala Syllabus 9th Standard Physics Solutions Guide, Kerala Syllabus 9th Standard Biology Solutions Guide. Merchandise being returned to suppliers are also termed as “returns outwards“. (MSE Chandigarh 2005) An amount of Rs.175 for a credit sale to R. Gopalan correctly entered in the Sale Book, has been debited to his account as Rs.157 Purchases Book was overcast by Rs.1,000. Purchases of Rs.10,000 was omitted to be recorded. A purchase of office furniture for Rs.500 from Salwan Furnitures was entered through the Purchases Book. Sales to Vinod of Rs.143 credited to his account as Rs.134. iv. the entry would depend in the different scenarios which are as follows a the receipt of 1 000 is earned and no accrual has been made cash 1 000 rent income 1 000 to record What is the journal entry ? Rectify the following errors found in the books of Mr. B. Sales of goods Rs.6,000 to Madan were recorded as Rs.600 in the Sales Book. 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. Correct the following errors in Mohan Lal’s Book: Rs.500 received from K. Krishna was debited to his account. Rectify the following errors: Rent received from tenant $1000. Office Rent of Rs.15,000 was debited to the Personal Account of the landlord. Solution: Question 13. iii. Accounting and journal entry for credit purchase includes 2 accounts, Creditor and Purchase. Solution: Question 7. 3 as Rs.1,000 instead of Rs.1,200 and total of Page No. v. A sum of Rs.460 owed by Hari had not been included in the list of debtors. Credit purchase of goods from Mohan amounting to Rs.2,000 has been wrongly passed through the Sales Book. Purchases Book carried forward Rs.75 less. Solution: Question 33. Banks and NBFCs are an integral part of an economy as they act as a support for companies by providing them additional cash leverage in the form of loans. 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 … Paid Income Tax Rs. Pass the Journal entries to rectify the above errors and state what amount was carried to the Suspense Account. Credit purchase of goods of Rs.2,100 from Sohan posted as Rs.1,200. iv. A sale of Rs.6,540 to Rajat has been credited to his account. iii. 1. Goods of Rs.3,000 sold to Mahesh were recorded in the Purchases Book. Can you Please show the Journal Entry of the following Transactions along with the final accounts of the same. i. In case of a journal entry for cash purchase, ‘Cash’ account and ‘Purchase‘ account are […] A. Lopez withdrew $1,500 cash from the company for personal use. Sales to Vinod of Rs.143 posted to his account as Rs.134. Jan 16: Received a cheque from sohan for 6,000 which was endorsed to ram. ii. i. Rs.5,400 received from Mr. A was posted to the debit of his account. Goods purchased worth Rs.2,500 have been posted to the debit of the supplier, Gupta and Co. Related Topic – Journal Entry for Discount Received . This difference is placed in a Suspense Account to facilitate books closure. iv. 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. Returns Outward Journal has been overcast by Rs.85. The accountant of a firm finds that the Trial Balance as on 31st December, 2015 is out by an excess debit of Rs.283. vi. Solution: Question 39. iv. Discount Received. iv. Credit sale to Anu Prakash Rs.7,000 was recorded in Purchases Book. The debit records the increase in the cash balance in the balance sheet of the business. Furniture costing Rs.500, purchased from Jyoti, was wrongly entered in Purchases Book as Rs.450. (MSE Chandigarh 2011) 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. iii. iv. Old furniture sold for Rs.500 has been credited to Sales Account. 10,000. When a cheque received is not deposited on the same day, it is taken in the cash account and when it is deposited in bank, then a contra entry is passed. i. Question 6. Total of one page of the Sales Book was carried forward to the next page as Rs.2,785 instead of Rs.2,587. Credit sale of Rs.132 to R. Krishan correctly entered in Sales Journal but posted to his account as Rs.312. 57,500 cash and Rs. Email: admin@double-entry-bookkeeping.com. Credit:-Commission Received … 19. A similar amount was deducted from the salaries of the staff members concerned and the net payments to them debited to Salaries Account. A sale to Kassim of Rs.700 has been entered in the Purchases Book. The bookkeeper of a firm found that his Trial Balance was out (excess credit) by Rs.742. Later on the following errors were discovered: vi. i. (MSE Chandigarh 2007) Cash paid to Ram & Co. and discount availed of. ii. Discount received from Ram and Co. Rs.350, has not been entered in the discount column of the Cash Book. iv. i. iv. Solution: Question 38. An amount of Rs.275 was posted as Rs.325 to the debit side of the Commission Account. While trying to close his books for the year ended 31st March, 2014, Mahesh found that t Trial Balance did not agree. Instead of crediting Gian’s Account with Rs.512, it was debited with Rs.215. x. iii. Following is the journal entry for loan taken from a bank; Sum of Rs.200 owed by ‘X’ has been included in the list of Sundry Creditors. Solution: Question 15. 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. iii. iii. Give the rectifying entries of the following: Jan 18: Received cheque from sohan for 3,800 in full settlement of his account. ii. No record of it has been made in the books. i. [Suspense Account opened with a Credit of Rs.8,930] Goods costing Rs.5,000 were purchased for various members of the staff and the cost was included in Purchases’. (MSE Chandigarh 2008) 1. In this case one asset cash increases as the cash is received by the business and another asset (accounts receivable) decreases representing money received from the customer to be allocated against customer invoices at a later date. 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). Dr Mileage Expense 192. For example, suppose a business provides design services and has received cash of 4,000 from a customer. 15,000 is related to next year. Sales Book is overcast by Rs.5,000. vi. Rs.9,000 paid for furniture bought have been charged to the Purchases Account. He has been a manager and an auditor with Deloitte, a big 4 accountancy firm, and holds a degree from Loughborough University. (adsbygoogle = window.adsbygoogle || []).push({}); The received cash on account journal entry will be as follows. Discount allowed by Brijesh of Rs.5 was not entered in the Cash Book but Brijesh stands debited correctly. i. Bill Receivable for Rs.1,600 from Noor was dishonoured and posted to debit of Allowances Account. Debit:-Customer’s Account. Entry to be made. (ii) Received an order from AK & Co. for goods of ₹ 1,00,000 along with a cheque for ₹ 25,000 as advance. (adsbygoogle = window.adsbygoogle || []).push({}); Another double entry bookkeeping example for you to discover. Cash paid to Ram & Co. and discount availed of. Wages paid for the construction of office debited to the Wages Account, Rs.5,000. The Small … So Cash A/c would be debited. ii. ii. v. The total of Returns Outward Book was short by Rs.100. Question 23. Record Navin Gupta & Sons Journal Entries. Goods taken by the proprietor for Rs.5,000 have not been entered in the books at all. Joshi had been dishonoured and was passed to the debit of the Allowances Account. ... Further , receipt of money from Ram in Cash , results in increase of Cash, which is an Asset. Purchases Returns Book was overcast by Rs.300. ii. 20,000 by cheque. Solution: Question 4. Debit Cash has been received by the business and deposited into its bank account. Solution: Question 18. Paid Income Tax Rs. Rent of proprietor’s residence Rs.6,000 was debited to Rent Account. i. Rs.540 received from M. Mehta was posted to the debit side of his account. 3,000 cash for an insurance policy covering the next 24 months. i. ii. iii. The Returns Inward Book has been overcast by Rs.200. i. iii. 20,000 by cheque. ii. Rs.100 being purchases return was posted to the debit of the Purchases Account. ii. 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. Give the Journal entries to rectify the following errors: [The total of the Sales Book has not been posted to Sales Account will affect the Trial Balance.] ii. (MSE Chandigarh 2003) iv. Total of the Purchases Journal of Rs.5,250 has been posted to Purchases Account as Rs.5,205. 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. State the nature of each of these mistakes. 32,500 of photography equipment in the business. iii. Repair bill of machinery was recorded as Rs.100 against the bill amount of Rs.1,000. Purchases Book is overcast by Rs.500. Received $3,000 cash from Gomez Co. on its receivable. 6 was carried forward to Page No. Cash received Journal Entry – Debtor. Solution: Question 23. The total of the Purchases Book was Rs.1,000 short. A cheque for Rs.10,000 was received from Ranjan on which Rs.200 Cash Discount was allowed. Solution: Question 41. 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. Return of goods worth Rs.500 by a customer was entered in ‘Purchases Return Book’. When an asset is increased, the asset account is debited according to the Rules of Debit and Credit. iv. As a result, journal entry for advance received from a customer is entered in the books. Purchases from Pal of Rs.1,430 posted to his account as Rs.1,340. Out of Insurance premium paid this year, Rs. Accounting and journal entry for credit purchase includes 2 accounts, Creditor and Purchase. (MSE Chandigarh 2015) iii. Entry to be made. A cheque of Rs.400 received from Mohan was dishonoured and had been posted to the debit side of the ‘Allowance Account’. iii. It is journalized and the balances are pushed to their respective ledger accounts. Credit amount of Rs.260 posted to the debit of the Personal Account as Rs.360. Solution: Question 36. Cash discount will be received at 5% on payment of bill within 10 days. Machinery purchased on credit from Raman for Rs.2,000 recorded through PurchaS Book as Rs.16,000. ii. These solutions for Journal are extremely popular among Class 11 Commerce students for Accountancy Journal Solutions come handy for quickly completing your homework and preparing for exams. iii. Pass the Journal entries rectifying the following errors: Journal Entry for Loan Taken From a Bank. v. Purchase of chair from Happy Traders for Rs.35 has been entered in the Purchases Book as Rs.53. iii. Solution: Question 11. Rectify the following errors by means of Journal entries: ii.

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