Accounting Error Mixed Questions And Solution

 

Two sided error after preparing trial balance

When an error affects two sides, it is known two sided errors.

This type of error needs journal entry to rectify.

Such error affects two side, debit and credit.

Double entry system of bookkeeping is applied for this error.

Procedures for two sided errors before preparing trial balance are given below:

Step 1:   write correct entry of the transaction,

Step 2:   write wrong entry of the transaction,

Step 3:   write correct entry as it is,

Step 4:   change wrong entry (debit entry to credit and credit entry to debit),

Step 5:   find out rectified journal entry.

On after preparing trial balance, we should write ‘suspense’ in place of ‘cash’ on final rectified journal entry,

 

Mixed Questions for Examination

Accounting error after preparing trail balance mixed questions are the collection of different numerical questions. It is exam based problem.

  

Problem: 14

The following data find out by Max Traders after preparing trial balance:

(a) Goods sold to Mr Pawan Rs 5,000 was wrongly debited to purchase account.

(b) Goods purchase from GK Emporium Rs 12,000 was omitted to record.

(c) Goods returned by DK Traders Rs 525 was posted to KD Traders.

(d) Goods sold to SR Enterprises of Rs 2,575 were recorded as Rs 5,725.

(e) Rent paid Rs 5,200 was posted as Rs 2,500.

Required: Rectification of error

 [Answer: (a) Debited Pawan by 10,000; (b) Purchase debited by 12,000;

(c) KD Traders debited by 525;  (d) Sales debited by 3,150; (e) Rent debited by 2,700

 

SOLUTION:

Given and working note:

(a) Goods sold to Mr Pawan Rs 5,000 was wrongly debited to purchase account.

Step 1,					Step 2,
Correct entry				÷	Wrong entry
Pawan           To Sales	Dr	5,000	5,000		Purchase           To Pawan	Dr	5,000	5,000

Again, correct entry just copy and paste but wrong debit entry credited and wrong credit entry debited

Step 3,					Step 4,
Correct entry				x	Wrong entry
Pawan           To Sales	Dr	5,000	5,000		Pawan           To Purchase	Dr	5,000	5,000

 

(b) Goods purchase from GK Emporium Rs 12,000 was omitted to record.

Step 1,					Step 2,
Correct entry				÷	Wrong entry
Purchase           To GK Emporium	Dr	12,000	12,000		No entry

 

(c) Goods returned by DK Traders Rs 525 were posted to KD Traders.

Step 1,					Step 2,
Correct entry				÷	Wrong entry
Sales return           To DK Traders	Dr	525	525		Sales return           To KD Traders	Dr	525	525

Again, correct entry just copy and paste but wrong debit entry credited and wrong credit entry debited

Step 3,					Step 4,
Correct entry				x	Wrong entry
Sales return           To DK traders	Dr	525	525		KD Traders           To Sales return	Dr	525	525

 

(d) Goods sold to SR Enterprises of Rs 2,575 were recorded as Rs 5,725.

Step 1,					Step 2,
Correct entry				÷	Wrong entry
SR Enterprises           To Sales	Dr	2,575	2,575		SR Enterprises           To Sales	Dr	5,725	5,725

Again, correct entry just copy and paste but wrong debit entry credited and wrong credit entry debited

Step 3,					Step 4,
Correct entry				x	Wrong entry
SR Enterprises           To Sales	Dr	2,575	2,575		Sales           To SR Enterprises	Dr	5,725	5,725

 

(e) Rent paid Rs 5,200 was posted as Rs 2,500.

Step 1,					Step 2,
Correct entry				÷	Wrong entry
Rent           To Cash	Dr	5,200	5,200		Rent           To Cash	Dr	2,500	2,500

Again, correct entry just copy and paste but wrong debit entry credited and wrong credit entry debited

Step 3,					Step 4,
Correct entry				x	Wrong entry
Rent           To Cash	Dr	5,200	5,200		Cash           To Rent	Dr	2,500	2,500

 

###########

Click on link for YouTube videos

ACCOUNTING EQUATION http://tiny.cc/c89jkz

BASIC JOURNAL ENTRIES IN NEPALI http://tiny.cc/uaakkz

BASIC JOURNAL ENTRIES http://tiny.cc/8aakkz

JOURNAL ENTRY AND LEDGER http://tiny.cc/caakkz

LEDGER http://tiny.cc/haakkz

SUBSIDIARY BOOK http://tiny.cc/399jkz

CASH BOOK http://tiny.cc/889jkz

TRIAL BALANCE & ADJUSTED TRIAL BALANCE http://tiny.cc/c59jkz

BANK RECONCILIATION STATEMENT (BRS) http://tiny.cc/q59jkz

DEPRECIATION http://tiny.cc/ugakkz

FINAL ACCOUNT: CLASS 11 http://tiny.cc/y89jkz

ADJUSTMENT IN FINAL ACCOUNT http://tiny.cc/keakkz

CAPITAL AND REVENUE http://tiny.cc/peakkz

SINGLE ENTRY SYSTEM http://tiny.cc/n19jkz

NON-PROFIT ORGANIZATION (NON-TRADING CONCERN http://tiny.cc/j09jkz

GOVERNMENT ACCOUNTING http://tiny.cc/hcakkz

GOSWARA VOUCHER (JOURNAL VOUCHER) http://tiny.cc/hcakkz

###########

Rectified Journal Entry

Date	Particulars		LF	Amount Dr	Amount Cr
(a)	Pawan’s account           To Sales account           To Purchase account (Being- goods sold to Pawan wrongly recorded as Goods purchased from him, now rectified)	Dr		10,000	5,000 5,000
(b)	Purchase account           To GK Emporium account  (Being- goods purchase from him omitted to record, now recorded)	Dr		12,000	12,000
(c)	KD Traders account           To DK Traders account (Being- sales returned by DK Traders was wrongly posted to KD Traders, now rectified)	Dr		525	525
(d)	Sales account           To SR Enterprises (Being- goods sold to him over recorded by (5,725 – 2,575)= Rs 3,150, now rectified)	Dr		3,150	3,150
(e)	Rent account           To Suspense account (Being- rent paid under recorded by (5,200 – 2,500) Rs 2,700, now rectified)	Dr		2,700	2,700

 

***********

Thank you for investing your time.

Please comment on article.

You can help me by sharing this article at your social media platform.

Jay Google, Jay YouTube, Jay Social Media

जय गूगल, जय युट्युब, जय सोशल मीडिया