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Preparing Financial Statements of NPO-II

Return outwar...

Question

Return outward are deducted from ________. (Fill in the blank by choosing correct option) a) purchases b) sales c) capital d) trading A/c

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Solution

Answer: Option (a)purchases

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Q. Give rectifying entries for the following:
(i) A credit sales of goods to Ram ₹ 2,500 has been wrongly passed through the 'Purchases Book'.
(ii) A credit purchase of goods from Shyam amounting to ₹ 1,000 has been wrongly passed through the 'Sales Book'.
(iii) A return of goods worth ₹ 1,100 to Mohan was passed through the 'Sales Return Book'.
(iv) A return of goods worth ₹ 500 by Ganesh were entered in 'Purchases Return Book'.

Q. From the following information, draw up a Trial balance in the books of M/s Virat & co. as on 31st March, 2013 Cash a/c- 1,04,800; Bank a/c -8,000; Capital a/c-1,00,000; Furniture a/c-5,000; Mr. Karan(Creditor)-21,500; Purchases a/c-33,500; Sales a/c-43,000; Stationary a/c-500; Bank overdraft a/c-500; Electricity charges a/c-200; Drawings a/c-2,000; Purchases return a/c2,000; Sales return a/c-3,000; Mr. Karim (Debtor)-10,000

Rectifythe following errors :

(a)	Sales book undercast by Rs 300.
(b)	Purchases book undercast by Rs 400.
(c)	Return Inwards book undercast by Rs 200.
(d)	Return outwards book undercast by Rs 100.

Rectify the following errors.

(a) Sales book undercast by Rs. 300.

(b) Purchase book undercast by Rs. 400.

(c) Return inwards book undercast by Rs. 200.

(d) Return outwards book undercast by Rs. 100.

Q. Journal entry for transfer of Purchase return is -
Purchase return A/c Dr.
To Trading A/c

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