Rectification of Errors after preparation of Trial Balance but before preparation of Final Accounts

answered on 05-Oct-21 02:18

From Cash Book it is found that discount of Rs.85 allowed by Jadu was not posted to his account. What will be the entry ? Please reply

latest answer

Yes creditor will have cr balance now we are paying creditor so if you again cr him your creditor balance will increase which mean u have to still pay him meaning....if only you dr creditor your balance will reduce

Aditya Birla

CBSE XI

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16

429

Final Accounts

answered on 06-Oct-21 20:26

What will be the treatment of Provision for Depreciation on Machinery on 1.1.2013 â?¹ 800 in the Credit side of the Trial Balance ?

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I have no sufficient money

Aditya Birla

CBSE XI

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25

616

Final Accounts

answered on 05-Oct-21 16:06

Some please help me by preparing the Profit and Loss Account.my answer don't match with the real answer given in the book.Gross profit is 28650 and Net profit is 16300. Balance sheet total is 58800.

latest answer

Depreciation on building - Rs. 1,000 to go to PL. This will not impact the balance sheet.

Aditya Birla

CBSE XI

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14

647

Rectification of Errors after preparation of Trial Balance

answered on 04-Oct-21 21:02

Are all my entries correct ?

latest answer

No bro

Aditya Birla

CBSE XI

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10

443

Final account

answered on 05-Oct-21 11:37

What is the effect of this error on final accounts? Purchases include sales return of 10,300 and sales include purchases return of 6,900.

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Thanks mam

Rakesh Shah

CA Final

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13

2K+

Final account

answered on 03-Oct-21 22:43

What is the meaning of this 'Salaries payable'?

latest answer

It is same as salary outstanding... expense incurred but not paid which is a Liability so dr in p/l and balance sheet Liability side

Rakesh Shah

CA Final

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1

331

BOE

answered on 09-Oct-21 10:25

Suggest this answer by meaning: Davidâ??s acceptance to Samuel for ` 5,000 discharged by a cash payment of ` 1,000 and a new bill for the balance plus ` 100 for interest.

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Yes. Cancel bill of 5000 B/R A/c Dr 4100 Cash A/c 1000 To B/R A/c 5000 To Interest Income 100

Rakesh Shah

CA Final

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2

355

Account

answered on 06-Oct-21 10:19

Explain the meaning of this full sentence: credit notes at invoiced value of ` 3,000 had been issued to customers in respect of goods returned during that period

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When you sell goods - you issue an invoice and money is receivable. When goods are returned a credit note issued in favor the original buyers and that credit notes knocks of the receivable in the account of the Debtors. Credit notes are issues for sales returns, discounts given to our debtors etc

Rakesh Shah

CA Final

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2

340

Inventory

answered on 05-Oct-21 10:43

Please explain highlight sentence

latest answer

Adjustments required for Inventory valuation (1) sales returns of next year with Rs.300 mark up included in stock (2) slow moving stocks to be written down by 600 (ie. 1125-526) (3) stock to be written down by 300 to its realisable value (i.e. 1550 -1250)

Sejal Shivani

CA Foundation

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9

365

Inventory Please solve this sum

answered on 03-Oct-21 20:43

Please solve the sum

latest answer

:)

Dhakshana Dhakshana

CFA L2

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13

362