Practice Test

Q1) Goods purchased from A for Rs. 10,000 passed through the Sales book . The error will results in Show Answer

Q2) If a Purchase Return of Rs.1,000 has been wrongly posted to debit of the Sales Returns account , but has been correctly entered in the suppliers' account , the total of the Show Answer

Q3) If the amount is posted in the wrong account or it is written on the wrong side of the account , it is called Show Answer

Q4) If a purchase Return of Rs.84 has been wrongly posted to debit of the Sales Returns account , but has been correctly entered in the suppliers' account , the total of the trial balance would show Show Answer

Q5) Rs.200 paid as wages for erecting a machine should be debited to Show Answer

Q6) On purchase of old furniture , the amount of Rs.1,000 spent on its repair should be debited to Show Answer

Q7) Goods worth Rs.50 given as charity should be credited to Show Answer

Q8) Errors of commission do not permit Show Answer

Q9) The preparation of a trial balance is for Show Answer

Q10) Rs.200 received from Smith whose account , was written off as bad debts should be credited to Show Answer

Q11) Goods destroyed by fire should be credited to Show Answer

Q12) Sales of office furniture should be credited to Show Answer

Q13) Sales to Heena Rs.143 was posted to Meena as Rs.143 Show Answer

Q14) Goods taken away by the proprietor for personal use not recorded anywhere Show Answer

Q15) The total of a folio in the Sales book Rs.1,000 was carried forward as Rs.100 Show Answer

Q16) Repairs of newly purchased second-hand machinery debited to repairs accounts Show Answer

Q17) Sale of Rs.120 was written in the purchase book Show Answer

Q18) Salary paid to Ram , has been debited to his account Show Answer

Q19) Purchase of furniture has been entered in the purchase book Show Answer

Q20) Rs.120 received from has been debited to his account Show Answer

Q21) Freight paid on machinery has been debited to freight account Show Answer

Q22) Repairs to building have been debited to building account Show Answer

Q23) The total of the Sales book is Rs.200 short Show Answer

Q24) The Sales of worth Rs.337 has been posted as Rs.373 Show Answer

Q25) The amount of a dishonoured bill has been debited to general expenses account Show Answer

Q26) State which of these will not be revealed by the trial balance Show Answer

Q27) State which of these will be revealed by the trial balance Show Answer

Q28) The trial balance checks Show Answer

Q29) which of the following will generally show a credit balance Show Answer

Q30) which of the following will generally show a debit balance Show Answer

Q31) A tallied trial balance will not reveal Show Answer

Q32) A tallied trial balance will not reveal Show Answer

Q33) A tallied trial balance will not reveal Show Answer

Q34) A tallied trial balance will not reveal Show Answer

Q35) A tallied trial balance will not reveal Show Answer

Q36) Errors of principle do not permit Show Answer

Q37) which of the following errors will not affect the trial balance ? Show Answer

Q38) Which of the following errors will not affect the trial balance ? Show Answer

Q39) Which of the following errors will affect the trial balance ? Show Answer

Q40) Which of the following errors will affect the trial balance ? Show Answer

Q41) Which of the following errors will not affect the trial balance ? Show Answer

Q42) which of the following errors will affect the trial balance ? Show Answer

Q43) In case the individual ledger account were accurate in all respects but a trial balance did not tally, there may be Show Answer

Q44) Rectifying entry is not required to be posted in case of Show Answer

Q45) Which of the following error is an error of omission ? Show Answer

Q46) Which of the following error is an error of principle ? Show Answer

Q47) Rs.6,000 paid for the installation of new machinery should be debited to Show Answer

Q48) On the purchase of old furniture, Rs.3,000 spent on its repairs should be debited to Show Answer

Q49) Purchase of office furniture for Rs.6,000 has been debited to general expenses, account it is Show Answer

Q50) Goods worth Rs.500 taken by the proprietor for personal use should be debited to Show Answer

Q51) On opening suspense account the words recorded in the particulars column are Show Answer

Q52) The object of opening suspense account is Show Answer

Q53) Profit & loss adjustment account is used Show Answer

Q54) Goods costing Rs.10,000 taken by the proprietor for personal use were not recorded .The errors will result in Show Answer

Q55) Goods costing Rs.10,000 distributed as free sample were not recorded .The errors will result in Show Answer

Q56) goods costing Rs.10,000 given as charity were not recorded .The errors will result in Show Answer

Q57) Goods costing Rs.10,000 destroyed by fire were not recorded . The errors will result in Show Answer

Q58) Goods costing Rs.10,000 taken by the proprietor for personal use were not recorded .The errors will result in Show Answer

Q59) Goods costing Rs.10,000 distributed as free sample were not recorded .The errors will result in Show Answer

Q60) goods costing Rs.10,000 given as charity were not recorded .The errors will result in Show Answer

Q61) goods costing Rs.10,000 destroyed by fire were not recorded .The errors will result in Show Answer

Q62) goods costing Rs.10,000 taken by the proprietor for personal use were not recorded .The errors will result in Show Answer

Q63) Goods costing Rs.10,000 distributed as free sample were not recorded .The errors will result in Show Answer

Q64) goods costing Rs.10,000 given as charity were not recorded .The errors will result in Show Answer

Q65) goods costing Rs.10,000 destroyed by fire were not recorded .The errors will result in Show Answer

Q66) goods costing Rs.10,000 taken by the proprietor for personal use should be credited to Show Answer

Q67) Goods costing Rs.10,000 distributed as free sample should be credited to Show Answer

Q68) goods costing Rs.10,000 given as charity were should be credited to Show Answer

Q69) goods costing Rs.10,000 destroyed by fire not recorded .The errors will result in Show Answer

Q70) goods costing Rs.10,000 taken by the proprietor for personal use were credited to sales account .While passing rectifying entry Show Answer

Q71) goods costing Rs.10,000 distributed as free sample were credited to sales account .While passing rectifying entry Show Answer

Q72) Rs.10,000 paid in cash for repairs of an old machine ,should be debited to Show Answer

Q73) Rs.10,000 paid in cash for repairs of a newly purchased old machine were debited to repairs account .this error Show Answer

Q74) Rs.10,000 paid in cash for repairs of a newly purchased old machine were debited to repairs account .while passing a rectifying entry Show Answer

Q75) Rs.10,000 paid in cash for installation of an new machine ,should be debited to Show Answer

Q76) Rs.10,000 paid in cash for installation of a newly purchased old machine were debited to installation account .while passing a rectifying entry Show Answer

Q77) Rs.10,000 paid in cash for installation of a newly purchased old machine were debited to installation account .this error Show Answer

Q78) sales of office furniture has been credited to sales account .It is Show Answer

Q79) Sales of office furniture credited to sales account Show Answer

Q80) a cash purchase of goods for proprietor's personal use should be credited to Show Answer

Q81) Rs.10,000 received in cash from X whose account ,was written off as a bad debt should be credited to Show Answer

Q82) Rs.10,000 received in cash from X (whose account ,was written off as a bad debt) credited to X's account. this error Show Answer

Q83) Rs.10,000 received in cash from X (whose account ,was written off as a bad debt) credited to X's account. while rectifying this error Show Answer

Q84) The total of sales book was not posted to the ledger this error Show Answer

Q85) Sales to meena Rs.143 was posted to meena . This error Show Answer

Q86) Sales to meena Rs.143 was credited as 413 Show Answer

Q87) sales to meena Rs.143 was debited as 413 Show Answer

Q88) The total of a folio in the sales book Rs.1,000 was carried forward as Rs.100.this error Show Answer

Q89) Total of sales book cost Rs.900 short .this error Show Answer

Q90) A cash sales of Rs.143 to meena omitted to be posted Show Answer

Q91) Both the discount column of the cash book were omitted to be posted in the ledger. this error Show Answer

Q92) Rent paid to Ram a landlord should be debited to his account this error Show Answer

Q93) sales to meena Rs.143 omitted to be recorded .this error Show Answer

Q94) sales to meena Rs.143 recorded in sales return book .this error Show Answer

Q95) sales to meena Rs.143 recorded in sales return book from meena Rs.413 .this error Show Answer

Q96) Which of the following errors will be revealed by the trial balance Show Answer

Q97) Goods purchased from X for Rs. 10,000 passed through the Sales book . The error will results in Show Answer

Q98) Goods purchased from X for Rs. 10,000 passed through the Sales return book . The error will results in Show Answer

Q99) Goods purchased from X for Rs. 10,000 passed through the purchase return book . The error will results in Show Answer

Q100) Goods sold to Y for Rs. 10,000 passed through the purchase book . The error will results in Show Answer

Q101) Goods sold to Y for Rs. 10,000 passed through the purchase return book . The error will results in Show Answer

Q102) Goods sold to Y for Rs. 10,000 passed through the sales return book . The error will results in Show Answer

Q103) Goods returned to X for Rs. 10,000 passed through the Sales return book . The error will results in Show Answer

Q104) Goods returned to X for Rs. 10,000 passed through the Sales book . The error will results in Show Answer

Q105) Goods returned to X for Rs. 10,000 passed through the purchase book . The error will results in Show Answer

Q106) Goods returned by Y for Rs. 10,000 passed through the Sales book . The error will results in Show Answer

Q107) Goods returned by Y for Rs. 10,000 passed through the purchase book . The error will results in Show Answer

Q108) Goods returned by Y for Rs. 10,000 passed through the purchase return book . The error will results in Show Answer

Q109) Goods purchased from X for Rs. 10,000 passed through the Sales book . The error will results in Show Answer

Q110) A bill receivable of Rs. 10,000,from X was recorded in bill payable book. the error Show Answer

Q111) A purchase of Rs.10,000 has been wrongly posted to the credit of sales account but had been correctly entered in the supplier's account . The trial balance would show Show Answer

Q112) A purchase of Rs.10,000 has been wrongly posted to the credit of purchase return account but had been correctly entered in the supplier's account . The trial balance would show Show Answer

Q113) A purchase of Rs.10,000 has been wrongly posted to the debit of supplier's account but had been correctly entered in the purchase account . The trial balance would show Show Answer

Q114) A purchase of Rs.10,000 has been wrongly posted to the credit of sales account but had been correctly entered in the supplier's account . The error is Show Answer

Q115) Unintentional omission or commission of amount and accounts in the process of recording transactions are known as - Show Answer

Q116) Whenever errors are noticed in the accounting records, they should be rectified - Show Answer

Q117) Difference of totals of both debit and credit side of the trial balance is transferred to - Show Answer

Q118) A suspense account facilitates the preparation of -------even when the --------has not tallied Show Answer

Q119) After preparing the Trial Balance the accountant finds that the total of debit side is short by Rs.2,500, This difference will be - Show Answer

Q120) A Trial Balance will not tally if - Show Answer

Q121) Rs.3,000 received from sub - tenant for rent and entered correctly in the case book is posted to the debit of the rent account. In the Trial Balance - Show Answer

Q122) Error of Commission do not permit - Show Answer

Q123) An item of Rs.72 has been debited to a personal account as Rs.27, is a error of - Show Answer

Q124) Sales of Shyam of Rs.500 not recorded in the books would affect - Show Answer

Q125) Which of the accounts is increased by credit entries? Show Answer

Q126) Closing stock in Trial Balance will be taken to - Show Answer

Q127) The Preparation of a trial balance helps in
Show Answer

Q128) Error of commission arises when -
Show Answer

Q129) Error which affect one account can be -
Show Answer

Q130) Purchase of office furniture for Rs.20,000 has been debited to purchases A/c. It is - Show Answer

Q131) "Treating a revenue expense as a capital expenditure" is a example of - Show Answer

Q132) Which of the following is put on credit side of T/B - Show Answer

Q133) Which of the following would not be revealed by preparation a Trial balance - Show Answer

Q134) In case trial balance does not agree, difference is put to Show Answer

Q135) Sales of typewriter that has been used in the office should be credited to - Show Answer

Q136) Suspense A/c in the trial balance will be entered in - Show Answer

Q137) Rs.1,500 received from Bahadur whose A/cs was previously written off as bad debt should be credited to Show Answer

Q138) Error of omission arises when - Show Answer

Q139) Error of principle arises when - Show Answer

Q140) Errors of carry forward from one year to another affects Show Answer

Q141) Good destroyed by fire should be credited to Show Answer

Q142) Consider the following statements -
A credit purchase in the accounting year which was not recorded in the books but included in closing stock is to be
(1) Added to the purchase account
(2) Added to the creditors account
(3) Subtracted from the closing stock
(4) Added to the opening stock.

Which of the following statements gives above is/are correct? Show Answer

Q143) If a Purchase Return of Rs.100 has been wrongly posted to the debit of the sales return account, but had been correctly entered in the suppliers account, the total of the trial balance would show - Show Answer

Q144) On purchases of old furniture, the amount spent on its repair should be debited to Show Answer

Q145) Cartage paid, Rs.50, for the newly purchases machinery, if debited to cartage account will affect- Show Answer

Q146) Discount allowed Rs.93 to Mohan has been credited to his account by Rs.39.The error will be rectified by - Show Answer

Q147) A Bill Receivable of Rs.500 was dishonoured and credited as Rs.50. The error will be rectified by - Show Answer

Q148) If an effect of an error is cancelled by the effect of some other error, it is commonly known as - Show Answer

Q149) Which of the following errors are not revealed by the Trial Balance - Show Answer

Q150) Which of the following is not a true of a Trial balance? Show Answer

Q151) The statement listing the balances by the titles of the accounts in the ledger on a given date is known as Show Answer

Q152) The equality of debits and credits can be tested periodically by preparing a Show Answer

Q153) Which of the following describes the proper sequence of actions in the accounting cycle Show Answer

Q154) Which of the following errors is an error of omission? Show Answer

Q155) Errors of recording do not allow Show Answer

Q156) Which of the following errors will affect Trial Balance? Show Answer

Q157) Cheque received from Bina by Rs.4,000 was recorded in the cash column of the Cash Book, thought on the correct side. The rectification will be does by - Show Answer

Q158) Goods sold to Basu and Co.on credit, worth Rs.4,000 were not recorded in the books. The rectification entry is - Show Answer

Q159) Salary paid for the Month of June, Rs.21,000 by issue of a cheque was recorded in the Journal but not posted at all. The rectification will be done by - Show Answer

Q160) Sale to Vasant Rs.4,300 on credit was recorded twice in the Sales Book.The rectification entry is - Show Answer

Q161) Purchase of Machinery worth Rs.5,000 was omitted from accounts. The rectification entry is Show Answer

Q162) Sales Book was overcast by Rs.500 Show Answer

Q163) Cartage paid for newly purchased machinery, posted to Cartage Account Show Answer

Q164) A transaction not recorded at all is called as an error of ________.
Show Answer

Q165) Rectification entries are passed in _________.
Show Answer

Q166) Errors occurred due to wrong posting are called as errors of _________.
Show Answer

Q167) Wages paid for installation of machinery wrongly debited to wages account is an error of _______.
Show Answer

Q168) If the trial balance shows a short credit the suspense account will have a _______.
Show Answer

Q169) For which type of error, journal entry is required for rectification ______.
Show Answer

Q170) Paid insurance Rs. 2,080 posted twice to Insurance A/c is an examples of ________.
Show Answer

Q171) ________ will not affect the trial balance.
Show Answer

Q172) ________ Account is a temporary account.
Show Answer

Q173) ___________are the errors committed by persons responsible for recording and maintaining account of a business firm in the course of accounting process. Show Answer

Q174) Accounting error may be in the form of and due to_______ Show Answer

Q175) Unintentional omission or commission of amounts and account in the process of recording transaction are known as____ Show Answer

Q176) Errors other than_____are called clerical errors. Show Answer

Q177) ______arise as a result of some act of omission on the part of the person responsible for the maintenance of books of account Show Answer

Q178) When any particular transaction has not at all been entered in the book of original entry,it cannot be posted into the ledger at all,such error are known as_______ Show Answer

Q179) ________arises due to some positive act of commission on the part of the person responsible for the maintenance of the books of account Show Answer

Q180) _______are neutralizing in nature,hence one error is compensated by other error or errors of opposite nature Show Answer

Q181) Mistake in balancing an account is_______ Show Answer

Q182) Mistake in transfering the balance of an account to the trial balance or omitting to write the balance of an account in the trial balance is_________ Show Answer

Q183) Wages paid for installation of machinery debited to wages account.This is_________ Show Answer

Q184) Making an entry on the wrong side is______ Show Answer

Q185) A mistake in the casting of subsidiary books is_______ Show Answer

Q186) Compensating errors do not affect the agreement of_______ Show Answer

Q187) If accountant does not post the journal entry in journal,it will be classified as_______ Show Answer

Q188) If purchase amounting to Rs.12,000 posted as Rs.2,000 and sales amounting Rs.12,000 posted as Rs.2,000 then it will be classified as________ Show Answer

Q189) Accounting errors can be classified into______ Show Answer

Q190) Clerical errors are further classified into_____ Show Answer

Q191) The difference in trial balance is transferred to______if the errors are not identified. Show Answer

Q192) _______is opened to rectify the entries in the next according period which involves nominal accounts. Show Answer

Q193) _______arise because of the failure to differentiate between capital expenditure and revenue expenditure and capital receipts and revenue receipts. Show Answer

Q194) If a transaction is entered more than one time,it is known as_____ Show Answer

Q195) Which of the following error can be disclosed by trial balance ? Show Answer

Q196) Which of the following error can be disclosed by trial balance ? Show Answer

Q197) Which of the following error can not be disclosed by trial balance ? Show Answer

Q198) Which of the following error can be disclosed by trial balance ? Show Answer

Q199) Which of the following error can affect the agreement of trial balance ? Show Answer

Q200) Which of the following errors will not affect the agreement of trial balance ? Show Answer

Q201) Which of the following errors will not affect the agreement of trial balance ? Show Answer

Q202) Which of the following errors will not be revealed by the trial balance ? Show Answer

Q203) Which of the following errors will be revealed by the trial balance ? Show Answer

Q204) Which of the following statement is true ? Show Answer

Q205) Treating a revenue expense as a capital expenditure is an example of_______ Show Answer

Q206) Which of the following errors will affect the trial balance ? Show Answer

Q207) An expense on major repairs of machinery purchased second hand has been debited to repairs account,it involves an error of______ Show Answer

Q208) An entry for the goods sold to Madhav for Rs.1,020 was posted to his account as Rs.1,200.If rectification is done before preparation of trial balance then which of the following is correct ? Show Answer

Q209) Rs.1,000 being the monthly total of discount allowed to customer was credited to discount account in the ledger. If rectification is done before preparation of trial balance then which of the following is correct ? Show Answer

Q210) Rs.2,750 received from sohan was credited to mohan as Rs.2,750.If rectification is done before preparation of trial balance then which of the following rectification entry will be correct ? Show Answer

Q211) Total of purchase book was Rs.10,000 short.If rectification is done before preparation of trial balance then which of the following is correct ? Show Answer

Q212) An amount of Rs.15,000 withdrawn by the proprietor for his personal use has been debited to trade Expenses Account.Which of the following rectification entry is correct ? Show Answer

Q213) A purchase of goods from Nathan amounting to Rs.3,000 has been wrongly entered in the sales book.However Nathan Account has been correctly Credited.Which of the following Rectification entry is correct ? Show Answer

Q214) A credit sale of Rs.1,000 to Santhanam has been wrongly passed through the purchases book.Which of the following rectification entry is correct ? Show Answer

Q215) Rs.15,000 received from karan has been credited to Ravan. Which of the following rectification entry is correct ? Show Answer

Q216) Rs.3,750 paid on account of salary to the cashier Dhawan stand debited to his personal account.Which of the following rectification entry is correct ? Show Answer

Q217) A contractor's bill for extension of premises amounting to Rs.27,500 has been debited to building Repairs account.Which of the following rectification entry is correct ? Show Answer

Q218) A bill of Rs.20,000 for old office furniture sold to sethi was entered in the sales day book.Which of the following rectification entry is correct ? Show Answer

Q219) An amount of Rs.8,000 received on account of interest was credited to commission Account.Which of the following rectification entry is correct ? Show Answer

Q220) Goods bought from mukesh amounting to Rs.5,500 were posted to the credit of his account as Rs.5,000.If this error located after preparation of trial balance then which of the following rectification entry is correct ? Show Answer

Q221) Sales book was overcast by Rs.20,000.If this error located after preparation of trial then which of the following rectification entry is correct ? Show Answer

Q222) While carrying forward the total of one page of the purchase book to the next,the amount of Rs.12,350 was written as Rs.13,250.If this error located after preparation of trial then which of the following rectification entry is correct ? Show Answer

Q223) Cartage Rs.780 paid on machinery newly acquired was Debiited to carriage inward account.If this error located after preparation of trial balance then which of the following rectification entry is correct ? Show Answer

Q224) Drawings of goods costing 300 were not recorded in the books of account. If this error located after preparation of this trial balance then which of the following rectification entry is correct ? Show Answer

Q225) Purchases book was udercast by Rs.10,000.If this error located after preparation of final account then which of the following rectification entry is correct ? Show Answer

Q226) Cash received from jamna Das Rs.687 was posted to the debit of janki Das Rs.687.If this error located after preparation of final account then which of the following rectification entry is correct ? Show Answer

Q227) Depreciation on furniture Rs.2,970 was wrongly recorded as Rs.2,790. If this error located after preparation of final account then which of the following rectification entry is correct ? Show Answer

Q228) Rs.1,500 being the total of discount column on the credit side of the cash book was not posted in the general ledger.If this error located after preparation of final account then which of the following rectification entry is correct ? Show Answer

Q229) Closing stock was overstated by Rs.9,000 being casting error in the shedule of inventory.If this error located after preparation of final account then which of the following rectification entry is correct ? Show Answer

Q230) Returns outwards book was undercast by Rs.150.If this error located after preparation of final account then which of the following rectification entry is correct ? Show Answer

Q231) Rs.6,000 being the cost of purchase of office furniture was entered in the purchase book.If this error located after preparation of final account then which of the following rectification entry is correct ? Show Answer

Q232) Wages paid for installation of machinery Rs.2,750 had been debited to wages account as Rs.5,250.If this error located after preparation of final account then which of the following rectification entry is correct ? Show Answer

Q233) A cheque for Rs.7,330 was received from Rao after allowing him a discount of Rs.70.It was endorsed in favour of sen in full settlement of Rs.7,500.The cheque was dishonoured,but no entry for dishonour was passed in the books.If this error located after preparation of final account then which of the following rectification entry is correct ? Show Answer

Q234) ______arise as a result of some act or omission on the part of the person responsible for the maintenance of books of account Show Answer

Q235) Rectification of errors are first entered in - Show Answer

Q236) ABC Ltd has issued a cheque for Rs. 3,50,000. The accountant by error has recorded the payment at Rs. 35,000. This error can be identified on preparing _____. Show Answer

Q237) After rectification of the following errors, effect on Net profit will be
i) A cheque dishonoured Rs.3,100 debited to discount A/c
ii) Sales book (undercast) short by Rs.23,000
iii) A customer returned goods of value of
Rs.1,200, included in stock but not recorded
Show Answer

Q238) Cash received from Ramesh Rs. 1,500 ,is recorded correctly in Cash book, but debited to his account Because of this error _____ Show Answer

Q239) Errors are rectified by using Suspense A/c Show Answer

Q240) The suspense A/c facilities the preparation of _____ even if the _____has not been balanced. Show Answer

Q241) Wages paid Rs. 2,500 for installation of new machinery wrongly debited to wages A/c instead of machinery A/c. It is an error of _____ Show Answer

Q242) Which of the following will not affect Trial Balance? Show Answer

Q243) If a purchase return of Rs. 3500 has been wrongly posted to the debit of the sales return account, but had been correctly entered in the suppliers account, the total of the trial balance would show: Show Answer

Q244) Which of the errors committed while the entries are posted in ledger.
1) Errors of Principle
2) Errors of commission.
3) Errors of Partial omission
4) Errors of complete omission.
Show Answer

Q245) What will be the effect on Capital a/c after rectifying the following errors :
(i) Purchase of a cycle for Rs. 3,000 was debited to conveyance A/c (fixed assets are depreciated at 10 %)
(ii) Credit purchase of goods from X for Rs. 2,500 was wrongly entered in the sales book
(iii) Cash received from Mr. A Rs. 1,500 was posted to the A/c of Mr. B
Show Answer

Q246) Sales return of worth Rs. 637 has been wrongly credited to purchase return account, but had been correctly posted to debtors account. Total of trial balance would show: Show Answer

Q247) After the rectification of following errors, the Net profit will be
(i) A Cheque of Rs. 3,100 was dishonoured and debited to Disocunt A/c
(ii) Sales book (undercast) short by Rs.23,000
(iii) A customer returned goods of value of Rs. 1,200, included in stock but not recorded
Show Answer

Q248) Salaries paid Rs. 4,500 is shown on credit side of Trial Balance. The debit side of Trial Balance will be ______. Show Answer

Q249) Sold old furniture valued Rs. 2,000 to Sona was recorded as sales, the Book Value of furniture was Rs. 2,500. What will be the rectifying entry? Show Answer

Q250) On Scrutiny, an accountant found that
(i) Bad Debts recovery of Rs. 500 was credited to Debtors A/c wrongiy.
(ii) Bank Charges of Rs. 50 was wrongly entered twice in Cash Book.
(iii) Purchase Returns of Rs. 200 was omitted to be entered in the Books of A/c.
What is the impact on profit after rectification?
Show Answer

Q251) Goods worth Rs.100 taken by proprietor for domestic use should be credited to Show Answer