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Clementi Town Secondary School Chapter 14: Correction of Errors

This document contains an accounting assignment asking the student to identify and correct errors in various accounting transactions. It provides transactions with entries made, asks the student to identify errors and provide correcting entries. It then provides additional transactions with errors and asks the student to identify the type of error, prepare correcting journal entries, and post them to ledger accounts. The assignment helps teach the student to identify different types of accounting errors and make proper corrections.

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RamyaVijayaraghavan
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50 views3 pages

Clementi Town Secondary School Chapter 14: Correction of Errors

This document contains an accounting assignment asking the student to identify and correct errors in various accounting transactions. It provides transactions with entries made, asks the student to identify errors and provide correcting entries. It then provides additional transactions with errors and asks the student to identify the type of error, prepare correcting journal entries, and post them to ledger accounts. The assignment helps teach the student to identify different types of accounting errors and make proper corrections.

Uploaded by

RamyaVijayaraghavan
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
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Clementi Town Secondary School Chapter 14: Correction of Errors Name : Divagaran ( 9 ) Elearning Assignment 1) The follo ing

are transactions of A!C "#rnit#re $t%& for the month of 'an#ar(& )o# are re*#ire% to loo+ at the acco#nting entries ma%e for each transaction an% to ,oint o#t the error(s) ma%e in each case& Thereafter- ,#t in the correcting entries& Correct entries (What should be recorded
.#rchases change% into /ffice 0*#i,ment
0rror in amo#nt an% Tan sho#l% change into !an+/Cash

Class : Sec 4A2

Date : 22/02/14

Transactions
.#rchase of /ffice 0*#i,ment 12000 for cash .#rchase of goo%s from Tan 193 Sale of goo%s to 0 See 1400 .ai% cash to Tic+s 115 Cash sales of 1275 not entere% in the 4oo+s

Entries made
Dr& .#rchases 12000 Cr& Cash 12000

Correcting Entries
Dr& /ffice 0*#i,ment 12000 Cr& Cash
12000

Dr& .#rchases 139 Cr& Tan Dr& 0 Tee Cr& Sales Dr& Cash Cr& Tic+s 8888 139 1400 1400 115 115

Dr& .#rchases 193 Cr& !an+/Cash 193 Dr& !an+/Cash 1400 Cr& Sales 1400 Dr& Tic+s 115 Cr& Cash 115 Dr& Cash 1275 Cr& Sales 1275

0 Tee sho#l% 4e !an+/Cash 6rong De4it an% Cre%it si%e Cash Sales sho#l% 4e recor%e% in the 4oo+s

2A)

The follo ing errors ere %iscovere% in the 4oo+s of A+ira& Name them in the col#mn on the right& !escription of Error i) Stationer( costing 1700 as %e4ite% to the /ffice 0*#i,ment acco#nt ii) 9oo%s of 1200 ta+en 4( the o ner for ,ersonal #se as not recor%e% iii) A sale of goo%s of 1370 to Sams#ng on cre%it as recor%e% as 1730 iv) 9oo%s of 12-100 ,#rchase% from Toshi4a as recor%e% in Toshi%a:s acco#nt v) A che*#e of 1270 iss#e% for ins#rance as %e4ite% to !an+ acco#nt an% cre%ite% to ;ns#rance acco#nt vi) !oth the rent receive% acco#nt an% the interest ,ai% acco#nt ere overstate% 4( 1120 Type of Error
0rror of .rinci,le 0rror of /mission
0rror of /riginal 0ntr(

0rror of Commission
0rror of Com,lete <eversal

Com,ensating 0rrors

2!)

.re,are =o#rnal entries to correct the errors& .age 1

i) Dr& Stationer( 1700 Cr& /ffice 0*#i,ment 1700 ii) Dr& Dra ings 1200 Cr& .#rchases 1200 iii) Dr& De4tor > Sams#ng 12?0 Cr& Sales 12?0 iv) Dr& Cre%itor8 Toshi%a 12-100 Cr& Cre%itor > Toshi4a 12-100 v) Dr& ;ns#rance 1?00 Cr& !an+ 1?00 @i) Dr& <ent receive% 1120 Cr& ;nterest ,ai% 1120 2C) .ost the =o#rnal entries to the relevant le%ger acco#nts&
Stationer( 1 700 Dra ings 1 200 De4tor 8 Sams#ng 1 2?0 /ffice 0*#i,ment 1 Stationer( .#rchases 1 1 Dra ings Sales 1 1 De4tor 8 Sams#ng Cre%itor > Toshi4a 1
Cre%itor8 Toshi%a

/ffice 0*#i,ment

1 700

.#rchases

1 200

Sales

1 2?0

Cre%itor8 Toshi%a 1 Cre%itor > Toshi4a 2-100 ;ns#rance 1 ?00 <ent receive% 1 120

1 2-100

!an+ 1 1 ;ns#rance ;nterest ,ai% 1 <ent receive% 1 ?00

!an+

;nterest ,ai%

1 120

2)

'erome is a tra%er& After ,re,aring %raft final acco#nts- he %iscovere% the follo ing errors& (a) Name the t(,e of error for (i) to (vi) in the ta4le 4elo & .age 2

T(,e of 0rror (i) (ii) (iii) (iv) (v) (vi) A sale of goo%s- 1430- to Naresh $t% ha% 4een entere% in the acco#nt of Aaresh $t%& A %e4t of 1200 o ing 4( 'err( sho#l% have 4een ritten off as a 4a% %e4t& No recor% has 4een ma%e in the 4oo+s& 0*#i,ment ,#rchase% %#ring the (ear costing 1?-000 ha% 4een %e4ite% to the <e,airs acco#nt& !oth <et#rns ;n ar%s an% <et#rns /#t ar%s ere overstate% 4( 1200 Sale of 11-200 to 'ohn on cre%it as %e4ite% to the Sales acco#nt an% cre%ite% to De4tor8'ohn acco#nt A cash ,#rchase of 1530 ha% 4een entere% in the 4oo+s as 1930& 0rror of Commission
0rror of /mission 0rror of .rinci,le

Com,ensating 0rrors
0rror of Com,lete <eversal
0rror of /riginal 0ntr(

(4)

.re,are the =o#rnal entries to correct the a4ove errors& Dr (1) 430 Cr (1) 430 200 200 ?000 ?000 200 200 2-400 2-400 200 200

(i)

De4tor Aaresh $t% De4tor Naresh $t% !a% De4t De4tor 'err(

(ii)

(iii) 0*#i,ment <e,airs (iv) <et#rns /#t ar%s <et#rn ;n ar%s De4tor 'ohn Sales Cash .#rchases

(v)

(vi)

.age 2

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