Question

Rectify the following errors assuming that, the trial balance is already prepared and the difference was placed to suspense account:

(a) Sales book was undercast by Rs. 250. 

(b) Purchases book was undercast by Rs. 120. 

(c) Sales book was overcast by Rs. 130.

(d) Bills receivable book was undercast by Rs. 75. 

(e) Purchases book was overcast by Rs. 35

Answer 1

(a) Sales account should be credited Rs. 250. 

(b) Purchases account should be debited Rs. 120. 

(c) Sales account should be debited Rs. 130. 

(d) Bills receivable account should be debited Rs. 75. 

(e) Purchases account should be credited Rs. 35.