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.

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.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter5: Sales And Receivables

Section: Chapter Questions

Problem 72E

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Similar questions

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