purchase from shyam 15,000 has been posted to the debit side of his account

372 Accountancy Financial Statements - II 10 ... known as adjusted purchases which is shown on the debit side of the trading and profit and loss account. Debit The business has received consumable office supplies (pens, stationery, etc.) (5) Amount paid to Agarwal wrongly posted to the debit to Mittal's account. It is a prepared on a particular date and as such, it shows the assets and liabilities of a business enterprise on that date. (2) Purchases of Rs 7 2 0 from Shyam entered in the purchases journal as Rs 7 0 0.

No entry for the same has yet been made in the books. (iii) Purchase from Shyam ₹ 15,000 has been posted to the debit side of his account. side. Purchase Office Supplies on Account … Purchase from Shyam Rs 15,000 has been posted to the debit side of his account. ACCA - F1 Accountant in Business - Revision Kit 2016-2017 Maq winter 07 accttheory mia-pdf Admin Compliance Joint Assess Questionnaire March 09 BOOK Keeping 1 - Lecture notes 5-8 Lecture 1 - econometric problems Investment Analysis 1678

The creditor is P. Panna & Co. (f) A cheque for Rs 32,000 received from P.C.

(iv) A cheque for ₹ 200 drawn for the Petty Cash Account has been posted in the account of Asif. 2. It will later be allocated to an invoice posted on the account of the customer. They paid $1,000 right away and agreed to pay the balance in 30 days, the journal entry to record the purchase of equipment would include A. a debit to Equipment for $15,000 and a credit to Cash for $15,000. (3) Purchases Journal is overcast by Rs 1, 0 0 0 (4) Sales returns journal is under cast by Rs 2 0 0.
when a debit entry of Rs. 1000 for purchase of furniture has been posted twice in the account.

iii. iv. 1.) B. a debit to Equipment for $1,000 and a credit to Cash for $1,000. The balance in the account of Mr. Rahim Rs.1,000 had been written off as bad but on other account has been debited. A payment of $59 for supplies was posted as a debit of $95 to Supplies and a credit of $95 to Cash. Just reverse the original journal entry.

2.) c. A payment to a creditor was posted as a $148 debit to Accounts Payable and a debit of $148 to Cash. ... £218,400 paid to a supplier has been posted to the supplier's account as £214,800.

ii. Remember, the original entry was: Dr: Bank Cr: Debtor/receivable account This meant that our bank account increased and the value of money owed to use (debtor account) is less. 3.)

So when an asset account decreases, that account is credited.. (6) Bank overdraft shown under debit column in the Trial Balance. So, what has happened here? 1. (iv) Purchase from Ghanshyam ₹ 10,000 has been posted to his account as ₹ 1,000. (iv) Wrong side of posting e.g.

and holds these as a current asset as supplies on hand.

1000 3. (ii) Purchase from Ram ₹ 20,000 has been omitted to be posted to his account. Ron Rain wants to go to Scotland and will take $15,000 out of … Sales to Amrish of Rs 1,430 posted to his account as Rs 1,340.
Solution: 1.

D. both a and b are correct. 4.)

Purchase from Shyam Rs 15,000 has been posted to the debit side of his account. A company purchased equipment costing $15,000. A nswer 4: 1.) Accounting Equation for Received Cash on Account Journal Entry B. half of all the accounts have a normal credit balance.


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