Tag: elements of accounts

Which of the following is/are the subsidiary books?

Which of the following is/are the subsidiary books?

Goods sold on credit basis to A Brothers for Rs 1,000 will be entered in _____________.

Standing orders are _______________.

Which is NOT a subsidiary book?

"Wrong Casting of subsidiary book" is which type of error? 

Which of the following statements is/ are true?
    (i)  An error in casting the subsidiary books is an error of commission.
    (ii) An error in wrong casting of the sales day book will not affect the personal                    accounts of debtors.
     (iii) Mistake in transferring the balance of an accounts of debtors.
     (iv) The mistake of treating a liability as an income or vice versa will not affect the             agreement of a trial balance.

While checking the accounts of ABC the following discrepancies were noticed, even though the trial balance was made to balance by putting the difference to Suspense A/c.
(i) Sales day book for the month of June was found overcast by Rs. 7,000.
(ii) A credit purchase of Rs. 3,000 was omitted to be recorded in the purchase day book.
(iii) Rs. 4,300 received from A credited to A A/c 3,400. (iv) Purchase of Office Equipment worth 25,000 included in trading purchases.
From the above details what would have been the difference in Trial Balance which was made to balance by opening Suspense A/c.

Good returned by Mr Y,  for Rs 10,000 passed through the Sales Book. This error will result in ________________.

Under Sales or Return or approval basis when the transactions are moderate and the seller sends the goods on approval or return basis, the accounting treatment will be ________________.