IGCSE Accounting Paper-1: Specimen Questions with Answers 213 - 214 of 214
Passage
The following errors were found out after preparing the trial balance of the Mathew as on 31 - 03 - 2015
- Purchases $5000 from Sheethal wrongly entered in the sales book.
- Goods taken by the proprietor $1500 not recorded in the books at all.
- $5200 paid for the purchase of furniture was charged to office account.
Question number: 213 (2 of 3 Based on Passage) Show Passage
Essay Question▾
Describe in Detail
Mention the errors what are not disclosed by trial balance.
Explanation
Error not disclosed by trial balance:
- Errors of complete omission
- Errors in the books of original entry
- Errors of principle
- Compensating errors
- Errors of posting to wrong account in the right side with correct amount.
Question number: 214 (3 of 3 Based on Passage) Show Passage
Essay Question▾
Describe in Detail
ass journal entries for rectification of errors:
Mathew
Journal
S. No | Details | Dr $ | Cr $ |
a. | |||
b. | |||
c. |
Explanation
Mathew
Journal
S. No | Details | Dr $ | Cr $ |
a. | Purchases A/c Dr Sales A/c To Sheethal | 5000 5000 | 5000 |
b. | Drawings A/c Dr To Purchases A/C | 1500 | 1500 |
c. | Furniture A/c Dr To Office expenses A/c | 5200 | 5200 |