Download App

Rectification of Errors — Account STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceAccountRectification of Errors4 Marks
Question
Rectify the following errors:
  1. Credit sales to Mridula ₹ 5,000 were recorded as ₹ 5,400.
  2. Credit purchases from Nayna ₹ 8,000 were recorded as ₹ 8,800.
  3. Goods returned to Priya ₹ 12,000 were recorded as ₹ 12,200.
  4. Goods returned from Rashi ₹ 10,000 were recorded as ₹ 11,000.
✓

Answer

Get the step-by-step solution for this question inside the Vidyadip app.

Get the answer in the app

Need a full question paper?

Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.

Start Generating Free

Explore more

More "4 Marks Question" from Rectification of Errors→Rectification of Errors — all question types→Account STD 11 Commerce question papers→CBSE Board STD 11 Commerce question papers→CBSE Board question paper generator→

Similar questions

Yogesh commenced business on $1st$ April, $2011$ with a Capital of ₹ $5,00,000$ and a loan of ₹ $1,00,000$ borrowed from Citi Bank. On $31st$ March, $2012$, his assets were ₹ $8,00,000$. Calculate his closing capital and profits earned during the year.
→
Distinguish between Provision and Reserve on the following basis:
  1. Basic Nature.
  2. Purpose.
  3. Effect on Taxable Profits.
  4. Presentation in Balance Sheet.
  5. Element of Compulsion.
  6. Use for payment of dividend.
→
How will be the following errors rectified?
  1. Purchases Book is overcasted by ₹ 10,000.
  2. Purchases Return Book is overcasted by ₹ 1,000.
  3. Purchases Return Book’s balance is carried forward in excess by ₹ 100.
  4. Purchases Book’s balance is carried forward in excess by ₹ 1,000.
→
Determine the missing values of the Cash Book with Bank Column of Yashika 01 the basis of following transactions:
2018
 
₹
Sept. 1
Cash in Hand
7,500
 
Bank Overdraft
3,500
Sept. 2
Paid Wages
200
Sept. 5
Cash Sales
7,000
Sept. 10
Cash Deposited into Bank
4,000
Sept. 15
Goods Purchased and Paid by Cheque
2,000
Sept. 20
Paid Rent
500
Sept. 25
Drew from bank for personal use
400
Sept. 30
Salary Paid
1,000
→
Rectify the following errors:
  1. Credit sales to Mohan ₹ 7,000 were recorded as ₹ 700.
  2. Credit purchases from Rohan ₹ 9,000 were recorded. as ₹ 900.
  3. Goods returned to Rakesh ₹ 4,000 were recorded as ₹ 400.
  4. Goods returned from Mahesh ₹ 1,000 were recorded as ₹ 100.
→
A Company purchased a second-hand machine on 1st April, 2016, for ₹ 30,000 and immediately spent ₹ 4,000 on its repair and ₹ 1,000 on its installation. On Oct. 1, 2018, the machine was sold for ₹ 25,000. Prepare Machine Account after charging depreciation @ 10% p.a. by diminishing balance method, assuming that the books are closed on 31st March every year. IGST was charged @12% on purchase and sale of machine.
→
On 31st March, 2015 the Pass Book shows a credit balance of ₹ 9,000. Prepare a Bank Reconciliation Statement from the following particulars:-
 
 
₹
1.
Cheques issued but not yet presented for payment
7,000
2.
Cheques issued but omitted to be recorded in the Cash Book
3,800
3.
Cheques paid into bank but not yet collected by the bank
2,600
4.
Premium on Life Policy paid by the bank on standing advice
360
5.
Payments received from customers direct by the bank
2,000
→
A Company purchased a second-hand machine on 1st April, 2016, for ₹ 30,000 and immediately spent ₹ 4,000 on its repair and ₹ 1,000 on its installation. On Oct. 1, 2018, the machine was sold for ₹ 25,000. Prepare Machine Account after charging depreciation @ 10% p.a. by diminishing balance method, assuming that the books are closed on 31st March every year. IGST was charged @12% on purchase and sale of machine.
→
Give two examples of reserves.
→
On 31st December, 2014 the Cash Book of Gopal showed debit balance of ₹ 12,000. On comparing the Cash Book with the Pass Book, the following discrepancies were noted:-
  1. Cheques were issued for ₹ 15,000, but of them cheques for ₹ 7,700 have not yet been presented.
  2. Cheques for ₹ 8,000 were deposited in bank but of these cheques for ₹ 2,000 were not recorded in the Cash Book.
  3. Cheques deposited in bank but not credited ₹ 3,800.
  4. A cheque for ₹ 350 was paid into bank but bank credited the amount with ₹ 530 by mistake.
  5. Bank received interest on debentures on behalf of Gopal amounting to ₹ 300.
  6. It was also found that the total of one page on the payment side of the Cash Book was ₹ 4,520 but it was written on the next page as ₹ 5,420.
Prepare a Bank Reconciliation Statement.
→