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Recap of Overview of Financial Statements

What will be ...

Question

What will be the effect on trial balance if purchases return of Rs. 10,000 has been wrongly posted to the debit of sales return account but correctly entered in the customers account ?

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Solution

The debit side of the trial balance will be more by Rs. 10,000.

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Q. If a purchase return of Rs. 200 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:

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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:

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Q. If a purchase return of Rs. 1,000 has been wrongly posted to the debit of the sales returns account, but has been correctly entered in the suppliers account, the total of the _________________.

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