[ISC] Q 39 Rectification of Errors Solution TS Grewal Class 11 (2023-24)

Solution of solution of Question number 39 of Rectification of Errors TS Grewal class 11 ISC 2023-24?

The books of account of A co. Ltd., for the year ending 31st March, 2022 were closed with a difference in books being carried forward. The following errors were detected subsequently:

(i) Returns Outward Book was undercast by ₹ 100.

(ii) ₹ 1,500 being the total of the Discount column on the credit side of the Cash Book was not posted.

(iii) ₹ 6,000 being the cost of purchase of office furniture was debited to the Purchases Account.

(iv) A credit sale of ₹ 760 was wrongly posted as ₹ 670 to the customer’s Account in the Sales Ledger.

(v) The Sales Account was understated by ₹ 10,000 being the carry-over mistake in the Sales Book.

(vi) Closing Stock was overstated by ₹ 10,000 being casting error in the Schedule of inventory.

Pass rectifying entries in the next year. Prepare the Suspense Account and state effect of the errors on determination of net profit of last year.

Solution:-

Below is the list of all the Practical problems

S.N	Solutions
1	Question – 1
2	Question – 2
3	Question – 3
4	Question – 4
5	Question – 5
6	Question – 6
7	Question – 7
8	Question – 8
9	Question – 9
10	Question – 10

S.N	Solutions
11	Question – 11
12	Question – 12
13	Question – 13
14	Question – 14
15	Question – 15
16	Question – 16
17	Question – 17
18	Question – 18
19	Question – 19
20	Question – 20

S.N	Solutions
21	Question – 21
22	Question – 22
23	Question – 23
24	Question – 24
25	Question – 25
26	Question – 26
27	Question – 27
28	Question – 28
29	Question – 29
30	Question – 30

S.N	Solutions
31	Question – 31
32	Question – 32
33	Question – 33
34	Question – 34
35	Question – 35
36	Question – 36
37	Question – 37
38	Question – 38
39	Question – 39