Rectification of Casting Errors

Q.

Purchase book was undercast by Rs 100. To rectify this which of the following is correct?

1. Sales account shall be debited

2. Purchase account shall be debited

3. Purchase account shall be credited

4. None of the above

Q.

Error of undercasting sales return book is rectified by _____ the sales returns account.

1. Crediting

2. Debiting

3. Either A or B

4. None of the above

Q.

Sales book was undercast by Rs 100. To rectify this which of the following is correct?

1. Sales account shall be debited

2. Sales account shall be credited

3. Suspense account shall be credited

4. A & C Both

Q.

When sales book is undercast, which of the following accounts will have error?

1. Sales Account

2. Debtors Account

3. Cash Account

4. Sales & Debtors Account

Q.

In case of undercasting, the total of sales book is short cast or in other words credited short. Its rectification will be to make a posting at the ___ side of the sales account.

1. None of the above

2. Debit

3. Credit

4. Either A or B

Q. For transfer of application money and allotment due, __________ A/c is debited and _________ A/c is credited.

1. Share Application and Allotment, Share Capital
2. Share Capital, Share Application
3. Share Application, Share Application and Allotment
4. Share Capital, Share Application and Allotment

Q. Sales of trading goods accounting to Rs. 6540 was wrongly recorded in sales day book as Rs.5640, however, the mistake was rectified before finalization of accounts. On rectification of the error before preparation of Final accounts, the profit and loss of the firm will ______.

1. remain same
2. increase by Rs.900
3. increase by Rs.6540
4. increase by Rs.5640

Q. Goods costing Rs.10, 000 distributed as free samples were credited to sales account. What will be the rectifying entry:

1. Sales Account to be debited and free sample account to be credited.
2. Sales Account to be debited and purchases Account to be credited.
3. Free Samples Account to be debited and purchases account to be credited.
4. Sales Account to be debited and suspense Account credited .

Q. An invoice of Rs 560 is entered in the sales books Rs 650. The total of the debit side of the trial balance is Rs 21, 240. Assuming no other error, what is the total of the credit side of the trial balance?

1. Rs. 21, 240
2. Rs. 21, 150
3. Rs. 21, 330
4. None of these

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

1. stock A/c Dr. 9, 000
   To Suspense A/c 9, 000
2. Suspense A/c Dr. 9, 000
   To Stock A/c 9, 000
3. Stock A/c Dr. 9, 000
   To Profit & Loss Adj. A/c 9, 000
4. Profit & Loss Adj. A/c Dr. 9, 000
   To Stock A/c 9, 000

Q. A purchase of Rs.10, 000 has been wrongly posted to the credit of purchase Returns Account but has been correctly entered in the Supplier's Account. The trial Balance would show:

1. the credit side to be Rs.10, 000 more than debit side
2. the credit side to be Rs.20, 000 more than debit side
3. the debit side to be Rs.10, 000 more than credit side
4. the debit side to be Rs.20, 000 more than credit side

Q.

Answer in one sentence only :-

Which account will be affected by an error of casting in sales book?

Q. 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:

1. the credit side to be Rs.20, 000 more than debit side
2. the debit side to be Rs.10, 000 more than credit side
3. the debit side to be Rs.20, 000 more than credit side
4. the credit side to be Rs.10, 000 more than debit side