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ACCOUNTANCY ASSIGNMENT WORKSHEET-IV

TOPIC: Rectification of Errors and Bills of Exchange


SESSION : 2019-20
CLASS – XI
Date of Distribution : 24.10.2019
Date of Submission : 04.11.2019

NAME……………………………….……….. SEC....… ROLL No ……..

1) On 12th February 2013, X sold goods worth `6,000 to Y. On 15th February 2013, X drew
three bills of exchange worth `3,000, `2,000 and `1,000 payable after 3 months,
2 months and 1 month respectively. Y accepted all the bills and returned them to X
immediately. X discounted the first bill on 15th March 2013 @ 10% p.a. with his bank.
He endorsed the second bill to Z on 20th February 2013. He retained the third bill till
maturity. Y met the third bill on due date but dishonored the first and the second bill.
Noting charges amounting to `25 for each of these two bills was incurred.
Y was declared insolvent and could pay only 50 paisa in a rupee on the 30th May 2013 in
full settlement.
Pass Journal entries in the books of X and Y.

2) On 1st January 2018, Mr. X sold goods to Mr. Y for ` 45,000 plus CGST and SGST @
9% each on credit. Mr. Y paid the amount of GST immediately in cash. Mr. X drew 3
bills on him: first bill for `10,000 for 1 month, second bill for ` 15,000 for 2 months and
third bill for `20,000 for 3 months. Mr. Y accepted and returned all the bills to Mr. X.
The first bill was retained by Mr. X till the date of maturity. The second bill was endorsed
to his creditor Mr. Z on 3rdJanuary 2018 to settle a debt of `15,500 and the third bill was
sent to bank for collection on 4thJanuary 2018. On maturity all the bills were dishonoured
and noting charges amounted to ` 1,000, ` 1,500 and `2,000 respectively. Y then agreed
to pay `20,000 in cash immediately and accept a bill for the balance including interest @
12% p.a. The tenure of the bill being 3 months, the bill was finally honoured.
Pass the journal entries in the books of X, Y & Z.

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3) Rectify the following errors:

a) An amount of `3,000 withdrawn by the proprietor of the firm for his personal use was
posted to the travelling expense account.

b) The total of one page of the Sales Book was carried forward to the next page as
` 2,785 instead of ` 2,587.

c) A sum of `200 owned by X has been included in the list of Sundry Creditors.

4) A Trial Balance disclosed a difference of `417 placed on the credit side of the Suspense
A/c. Later on, the following errors were located:
a) Goods worth `200 purchased from Sandy had been posted to his account as `250.
b) A purchase of Furniture for `500 was recorded in the purchases book.
c) Instead of crediting Giant's account with `512, it was debited with `215.
d) Goods worth `130 returned by Giant were entered in the Sales Book and posted there
from to credit of Giant's personal account.
Pass the rectifying entry and prepare a Suspense A/c.

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