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please make journal entries of all these question using suspense account in those entries (example 3,4 and 5) kindly do not use anyother method Example-3
please make journal entries of all these question using suspense account in those entries (example 3,4 and 5) kindly do not use anyother method
Example-3 Following trial balance is extracted from the books of Mr. Asif for year ended June 30, 2011. What will be corrected profit, if profit before the correction of the following errors was Rs. 600,000: Pass the rectifying entries. 1) Credit sales of Rs. 1,000 have not been recorded in debtor account. ii) Goods sold on credit amounting to Rs. 12,300 have been recorded in debtor account as Rs. 13,200. iii) Purchases of Rs. 300 were recorded in creditor account as Rs. 250. iv) Plant and machinery purchased for Rs. 3,000 is not debited to plant and machinery account. v) Purchase of plant and machinery Rs. 3,200 is wrongly debited to repair account. vi) Credit purchase of Rs. 2,000 is posted to debit of creditor account as Rs. 1,800. vii) Credit sales amounting to Rs. 10,000 were being credited in debtor account. vii ) The total of purchase return day book amounting to Rs. 16,160 had not been posted to the ledger. ix) A credit sale of Rs. 12,000 is correctly entered in day book but from there it has wrongly been credited in debtor account. x) A purchase of goods from M on credit amounting to Rs 15,000 was wrongly passed through the sales book. xi) One of the stock sheet had been overcast by Rs.1,000 xii) Rate of depreciation for plant and machinery is 10% under straight line method. xiii) Rate of provision for doubtful debt is 5%. Example-4 Following errors were identified by the auditors for the year ended December 31, 2010. 0 Advance paid Rs. 50,000 on 1.08.2010 for purchase of machinery to be delivered in 2011 is debited to machinery a/c. CI) Repair costing Rs. 10,000 on 1.4.2010 have been debited to machinery a/c. Rate of Depreciation is 10% straight line. Required: Prepare the journal entries to correct the above errors. Example-3 Following errors were identified by the auditors for the year ended December 31, 2010. (1) Advance paid for purchase of machinery to be delivered on 31.3.2011 is debited to machinery account on 1.11.2010. Amount is Rs. 39.800. (ii) Installation cost paid for machine on November 1, 2010 amounting to Rs. 50,000 is debited to repair account Rate of Depreciation is 10% WDV. Required: Prepare the journal entries to correct the above errors Step by Step Solution
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