Question
Miss Daisy was unable to agree the Trial Balance last year and wrote off the difference to the profit and loss account of that
Miss Daisy was unable to agree the Trial Balance last year and wrote off the difference to the profit and loss account of that year. On verifying the old books by a Chartered Accountant next year, the following mistakes were found. (1) Purchase account was undercast by Rs. 8,000 (ii) Sale of goods to Mr. Raim for Rs. 2, 500 was omitted to be recorded (iii) Receipt of cash from Mr. Ashok as posted to the account of Mr. Anbu Rs. 1,200 (ix) Amount of Rs 4, 167 of sales was wrongly posted as Rs.4,617 (v)RepairstoMachinerywasdebitedtoMachinery AccountRs.1,800 (vi)AcreditpurchaseofgoodsfromMr.PaulforRs.3,000$$ entered as sales Suggest the necessary rectification entries
Step by Step Solution
3.38 Rating (151 Votes )
There are 3 Steps involved in it
Step: 1
Journal Entries in the books of Miss Daisy Date Particulars Dr Rs Cr Rs i Profit Loss Adjustment Ac ...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 StartedRecommended Textbook for
Financial Accounting
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
3rd edition
9780077506902, 78025540, 77506901, 978-0078025549
Students also viewed these Accounting questions
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
View Answer in SolutionInn App