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Rectify the following errors assuming that suspense account was opened.
1. Depreciation provided on machinery Rs. 4,000 was not posted to Depreciation account.
a. Debit the depreciation account with Rs. 4,000, Credit the suspense account with Rs. 4,000
b. Debit the suspense account with Rs. 4,000, Credit the depreciation account with Rs. 4,000
c. Credit the depreciation account with Rs. 4,000
d. Debit the suspense account with Rs. 4,000
Ans - a
Depreciation provided on machinery was not posted to machinery account, the rectification entry would be
Debit the depreciation account with Rs. 4,000
Credit the suspense account with Rs. 4,000
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2. Bad debts written-off Rs. 5,000 were not posted to Debtors account.
a. Debit the debtors account with Rs. 5,000
b. Credit the Rs. 5,000 to the suspense account
c. Credit the Rs. 5,000 to the debtors account, Debit the suspense account with Rs. 5,000
d. Credit the Rs. 5,000 to the suspense account, Debit the debtors account with Rs. 5,000
Ans - c
Bad debts written-off were not posted to debtors account, the rectification entry would be
Credit the Rs. 5,000 to the debtors account
Debit the suspense account with Rs. 5,000
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3. Discount allowed to a debtor Rs. 100 on receiving cash from him was not posted to discount allowed account.
a. Debit the suspense account with Rs. 100
b. Credit the discount allowed account with Rs. 100
c. Debit the suspense account with Rs. 100, Credit the discount allowed account with Rs. 100
d. Debit the discount allowed account with Rs. 100, Credit the suspense account with Rs. 100
Ans - d
Discount allowed to a debtor on receiving cash from hims was not posted to discount allowed account, the rectification entry would be
Debit the discount allowed account with Rs. 100
Credit the suspense account with Rs. 100
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4. Goods withdrawn by proprietor for personal use Rs. 800 were not posted to Drawings account.
a. Debit the suspense account with Rs. 800, Credit the drawings account with Rs. 800
b. Debit the drawings account with Rs. 800, Credit the suspense account with Rs. 800
c. Debit the suspense account with Rs. 800
d. Credit the drawings account with Rs. 800
Ans - b
Goods withdrawn by the proprietor for personal use were not posted to drawings account, the rectification entry would be
Debit the drawings account with Rs. 800
Credit the suspense account with Rs. 800
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5. Bill receivable for Rs. 2,000 received from a debtor was not posted to Bills receivable account.
a. Debit the bills receivable account with Rs. 2,000, Credit the suspense account with Rs. 2,000
b. Debit the suspense account with Rs. 2,000, Credit the bills receivable account with Rs. 2,000
c. Debit the suspense account with Rs. 2,000
d. Credit the bills receivable account with Rs. 2,000
Ans - a
Bills receivable received from a debtor were not posted to Bills receivable account, the rectification entry would be
Debit the bills receivable account with Rs. 2,000
Credit the suspense account with Rs. 2,000
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How much foreign currency can be carried in cash for travel abroad in the following cases?
1. Travellers going to all countries other than (a) travellers proceeding to Iraq and Libya and (ii) Islamic Republic of Iran, Russian Federation and other Republics of Commonwealth of Independent States
a. USD 2000
b. USD 3000
c. USD 5000
d. USD 250,000
Ans - b
2. Travellers going to Iraq and Libya
a. USD 2000
b. USD 3000
c. USD 5000
d. USD 250,000
Ans - c
3. Travellers going to Islamic Republic of Iran, Russian Federation and other Republics of Commonwealth of Independent States
a. USD 2000
b. USD 3000
c. USD 5000
d. USD 250,000
Ans - d
4. Travellers proceeding for Haj/Umrah pilgrimage
a. USD 2000
b. USD 3000
c. USD 5000
d. USD 250,000
Ans - d
5. A traveller who has returned to India is free to retain foreign exchange up to ......, in the form of foreign currency notes or TCs for future use
a. USD 2000
b. USD 3000
c. USD 5000
d. USD 250,000
Ans - a
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