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AccountancyClass 11CBSE

Which one is not the debit item of Trial balance? Capital Land and Building Plant and Machinery Equipments

Capital is the item of credit side item of trial balance

AccountancyClass 11CBSE

Which one is not the Objective of preparing the trial balance? To ascertain the logical accuracy of the ledger accounts To help in locating errors. To help in the preparation of the financial statement. None of the above.

a) to ascertain the arithmetic accuracy of the ledger accounts.

AccountancyClass 11CBSE

A Trial balance is prepared: After preparation financial statement. After recording transaction in subsidiary books After posting to ledger is complete. After posting to ledger is complete and accounts have been balanced.

(d) Its purpose is to check the arithmetic accuracy off all the subsidiary books

AccountancyClass 11CBSE

Trial balance is: An account. A statements A subsidiary book A principal book

(b) Because it is prepared on particular date to check the arithmetic accuracy off all the accounts

AccountancyClass 11CBSE

If wages paid for installation of new machinery is debited to wages Account. It is: An error of commission. An errors of principle A compensating error. An error of omission.

(b) it should be debited to machinery A/c

AccountancyClass 11CBSE

If suspense account does not balance off even after rectification of errors it implies that: There are some one sided errors only in the books yet to be located. There are no more errors yet to be located. There are some two sided errors only yet to be located. There may be both one sided errors and two sided errors yet to be located.

(a)

AccountancyClass 11CBSE

If the trial balance agrees, it implies that: There is no error in the books. There may be two sided errors in the books. There may be one sided error in the books There may be one sided and two sided errors in the books

(b) There may be an error of compensating error category

AccountancyClass 11CBSE

Which of following errors will be rectified through suspense account: Sales return book undecast by Rs. 1,000. Sales return by Madhu Rs. 1,000 not recorded. Sales return by Madhy Rs. 1,000. recorded as Rs. 100. Sales return by Madhu Rs. 1,000 recorded through purchase return book.

(a) It is done to balance the total of both side of sales return book

AccountancyClass 11CBSE

Which of the following is not an error of commission: Overcasting of sale Book Credit sales to Ramesh rs. 5,000 credited to his account. Wrong balancing of Machinery account. Cash sales not recorded in cash book.

(d) it is the error of omission

AccountancyClass 11CBSE

Which of the Following is not an error of principal? Purchase of furniture debited to purchase account. Repair on the overhauling of second hand machinery purchased debited to repair account Cash received from Manoj posted to Saroj. Sales of an old car credited to sales account.

(c ) it is the error of commission

AccountancyClass 11CBSE

Agreement of Trial balance is affected by: One sided errors only. Two sided errors only. Both a and b None of the above

(c) Errors which do not affect the trial balance (usually takes place in two accounts)Errors which affect the trial balance (usually affects one account and a journal entry is not possible)

AccountancyClass 11CBSE

Create a list of Errors that affect the Trial balance

Errors that affect the trial balance.Posting only one aspect of the journal entry in the ledger.Posting a journal entry on the wrong side of an account.Wrong totaling of subsidiary books.Posting the correct amount in one account and wrong amount in the other account.Wrong totaling or balancing of a ledger account.Omitting to post the totals of subsidiary books into the Ledger.Omitting writing the Cash Book balances in the Trial

AccountancyClass 11CBSE

Trial balance of Kailash did not agree. He put the difference to suspense account. The following errors were discovered: Goods withdrawn by kailash for personal use Rs. 500 were not recorded in the books. Discount allowed to Ramesh Rs. 60 on receiving Rs. 2040 from him was not recorded in the books. Discount received to Ramesh Rs. 50 on playing Rs. 3250 to him was not posted at all . Rs. 700 received from Khalil, a debtor, whose account had earlier been written off as bad, were credited to his personal account. Cash received from Govil,, a debtor, Rs. 5000 was posted to his account as Rs. 500. Goods returned to Mahesh Rs. 700 were posted to his account as Rs. 70. Bill receivable from Narayan Rs. 1,000 was dishonored and wrongly debited to allowance account as Rs. 10,000. Give journal entries to rectify the above and prepare suspense account to ascertain the amount of difference in Trial balance.

i) ParticularsL.FDr. AmountCr. AmountDrawing A/c To Purchase A/c(Goods withdrawn by proprietor for personal use not recorded now rectified).500500ii)ParticularsL.FDr. Amount</strong

AccountancyClass 11CBSE

What is Suspense Accounts?

If the trial balance does not tally due to the existence of one sided errors accountant has to carry forward his accounting process prepare financial statements. The accountant tallies his trial balance by putting the difference on the shorter side as “suspense account”

AccountancyClass 11CBSE

Rectify the following errors: Credit Purchase from Raghu Rs. 20,000 Were not recorded Were recorded as Rs 10,000. Were recorded as Rs 25,000. Were not posted to his account. Were posted to his account as Rs 2,000 Were posted to Reghav,s account. Were posted to the debit of Raghu,s account. Were posted to the debit of Raghav. Were recorded through sales book

i) ParticularsL.FDr. AmonutCr.AmountPurchase A/c To Raghu’s A/c(Credit purchase from Raghu omitted to be recorded, now corrected)20,00020,000ii) ParticularsL.FDr. Amonut</t

AccountancyClass 11CBSE

How do we rectify the errors which do not affect the Trial Balance.

These errors are committed in two or more accounts. Such errors are also known as two sided errors. They can be rectified by recording a journal entry giving the correct debit and credit to the concerned account.

AccountancyClass 11CBSE

From the point of view of rectification, the errors can be classified into how many categories:

The errors may be classified in to following categoriesErrors which do not affect the trial balance (usually takes place in two accounts)Errors which affect the trial balance (usually affects one account and a journal entry is not possible)

AccountancyClass 11CBSE

Describe briefly Compensating Errors.

When two or more errors are committed in such a way that the effect of these errors on the debits and credits of accounts is nil, such errors are called compensating errors. Such errors do not affect the tallying of the trial balance.

AccountancyClass 11CBSE

What is the error of principal?

Errors of principle:- Accounting entries are recorded as per the generally accepted accounting principles. If any of these principles are violated or ignored, errors resulting from such violation are known as errors of principle. An error of principle may occur due to incorrect classification of expenditure or receipt between capital and revenue.

AccountancyClass 11CBSE

Describe Briefly Errors of Omission

The errors of omission may be committed at the time of recording the transaction in the books of original entry or while posting to the ledger. There can be of two types: errors of complete omissionerrors of partial commissionWhen a transaction is completely omitted from recording in the books of original record, it is an error of complete omission.

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