Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Exercise of rectifying errors using suspense account Rectify the following accounting errors through Suspense Account by making journal entries: (the following are all one side
Exercise of rectifying errors using suspense account Rectify the following accounting errors through Suspense Account by making journal entries: (the following are all one side errors) 1. Purchase of goods from Muna for R.O 2,500 was entered in the Sales Book; however, Muna's Account was correctly credited. 2. Cash received from Ali, a debtor, R.O 3,200 was correctly entered in the Cash Book but was omitted to be posted to his account. 3. Sales Book was overcast by R.O 1,500. 4. Cash of R.O 4,000 paid to Hani was credited to Rafi A/c as R.O 1,400. 5.The total of Purchase Returns Book of R.O 3,150 was carried forward as R.O 1,530. 6. Noor, a creditor, was paid cash R.O 6,500 but Muna was debited by R.O 6,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started