IndigoLearn

Forums

Rectification of error

I have not clear this all questions in image given below

Attachments

IMG_20200430_113523.jpg


Saloni Kumari

Saloni Kumari

CA Inter

180

30-Apr-20

128

Answers (7)

What is your doubt, can you be specific


sudha reddy

sudha reddy

Moderator

30-Apr-20

Yes I am also not able 2 understand what is the question actuaally?


Nandini S

Nandini S

CA Foundation

1K+

30-Apr-20

Nandini S

Yes I am also not able 2 understand what is the question actuaally?

A debit balance of Rs 2500 in the account of Shyam a creditor is included in the list of sundry debtors


Thread Starter

Saloni Kumari

Saloni Kumari

CA Inter

180

30-Apr-20

sudha reddy Moderator

What is your doubt, can you be specific

During the year there was a fire as a result of which stock costing Rs 50000wqs damaged.the damage were sold for Rs 20000.This is included in sale.the insurance company paid Rs 5000less towards the loss of stock .the godown containing the stock was also damaged during the fire the extent of damage being Rs 15000 which also the insurance company paid.the total amount received from company was credited to building account


Thread Starter

Saloni Kumari

Saloni Kumari

CA Inter

180

30-Apr-20

sudha reddy Moderator

What are the rectification entries as per your understanding

Stock Loss on stock damaged a/c Dr. 50000 Damaged To Purchases A/c 50000 Scrap sale Sale A/c Dr. 20,000 included in Sale To Loss on Stock damagedA/c 20,000 Amount received Building A/c Dr. 25,000 from insurance To Loss on Stock damaged A/c 25,000 for stock loss Loss transferred P&L A/c Dr. 5000 to P&L To Loss on stock damaged A/c 5000


sudha reddy

sudha reddy

Moderator

13-May-20

Flash Sale Byte size
Past_Exams
EMI
Tally + Excel Free
Inter Testimonials
Testimonials CA Foundation July 21
Refer
Quote
Excel Launch
Study Planner
Fundamentals of Blockchain
Financial Modelling