One Sided Error before Preparing Trial Balance

One Sided Error 

Under or over recorded

These problems can be sold by doing journal entries.

In this topic, there is a personal account (name of a person or firm) where purchase or sales assets or business goods (inventory, merchandise) are recorded.

Name must be of a person or firm.

 

Here, Amount = Rs = $ = £ = € = ₹ = Af = ৳ = Nu = Rf = රු = 

 

PROBLEM: 10A

The following extracted information is given to you before preparing a trial balance:

1.    Credit sales to Srijana Rs 717 posted to her account as Rs 771.

2.    Credit sales to Zara Rs 552, debited to her account as Rs 525.

3.    Goods sold to Sanjay in cash Rs 2,550 is posted as Rs 2,055.

Required: Rectification of errors

[Answer: (1) Credited Srijana by Rs 54; (2) Debited Zara by Rs 27; (3) Credited sales by Rs 495]

SOLUTION:

(1) Credit sales to Srijana Rs 717 posted to her account as Rs 771.

Explain: Sales to Srijana is debited. Here, sales is recorded more (over cast, 771 – 717 = Rs 54).

Therefore, it is credited.  

Rectified Journal Entry

Date	Particulars	LF	Amount Dr	Amount Cr
	Srijana is credited by Rs 54 due to over cast

 

(2) A credit sales to Zara Rs 552, debited to her account as Rs 525.

Explain:

Sales to Zara is debited. Here, Sales is recorded less (under cast, 552 – 525 = Rs 27).

Therefore, it is debited.   

Rectified Journal Entry

Date	Particulars	LF	Amount Dr	Amount Cr
	Zara is debited by Rs 27 due to under cast

 

(3) Goods sold to Sanjay in cash Rs 2,550 is posted as Rs 2,055.

Explain:

Goods sold to Sanjay in cash. It is cash transaction. Sales are credited.

Here, Sales is recorded less (under cast, 2,550 – 2,055 = Rs 495).

Therefore, it is credited.    

Rectified Journal Entry

Date	Particulars	LF	Amount Dr	Amount Cr
	Sales is credited by Rs 495 due to under cast

 

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ACCOUNTING EQUATION http://tiny.cc/c89jkz

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

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

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

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PROBLEM: 10B

The following extracted information is given to you before preparing a trial balance:

a.     The debit side of a debtor (BC Traders) is overcast by Rs 40,000.

b.    Total of sales book carried forward less by Rs 20,000.

c.     Discount allowed to Ajay Rs 500 posted to his account but not entered into discount account.

Required: Rectification of errors

 [Answer: (a) Credited BC traders by Rs 40,000; (b) Sales credited by Rs 20,000;

(c) Discount allowed debited by Rs 495]

SOLUTION:

(a) The debit side of a debtor (BC Traders) is overcast by Rs 40,000.

Explain: Debtor is debited. Here, Debtor (BC Traders) is over casted; therefore, it is credited.

Rectified Journal Entry

Date	Particulars	LF	Amount Dr	Amount Cr
	Debtor (BC Traders) is credited by Rs 40,000 due to over cast

 

 

(b) Total of sales book carried forward less by Rs 20,000.

Explain: Sales is credited. Here, Sales is less (under cast); therefore, it is credited.

Rectified Journal Entry

Date	Particulars	LF	Amount Dr	Amount Cr
	Sales is credited by Rs 20,000 due to under cast (less)

 

(c) Discount allowed to Ajay Rs 500 posted to his account but not entered into discount account.

Explain: Discount allowed is debited. Ajay is credited. Discount allowed is not entered; therefore, it is debited. 

Rectified Journal Entry

Date	Particulars	LF	Amount Dr	Amount Cr
	Discount allowed is debited by Rs 500 due to not entered

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PROBLEMS  AND  ANSWERS

 

Here, Amount = Rs = $ = £ = € = ₹ = Af = ৳ = Nu = Rf = රු = 

Basic Problem: 10

Under or over recorded

Following extracted information is given to you (after preparation trial balance):

(a) Cash paid to Ritika Rs 3,500 was posted Rs 5,300.

(b) Cash paid to Kumar Rs 750 has been debited to his account by Rs 570.

(c) Goods sold to Rekha Rs 675 was posted as Rs 567 in account.

(d) Cash paid to Rohan Rs 3,000 has been debited to his account only Rs 300.

(e) Depreciation of Rs 4,500 has been wrongly posted Rs 5,400 in machinery account.

(f) Rs 550 received from Manju was posted to her account Rs 5,500.

Required: Rectified journal entries

 

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