Trial Balance And Rectification Of Errors(11th Grade > Accountancy ) Questions and answers for exam Preparation

11th Grade > Accountancy

TRIAL BALANCE AND RECTIFICATION OF ERRORS MCQs

Total Questions : 30 | Page 3 of 3 pages

Question 21. Manish A/c is credited by Rs. 4500 while Manish A/c was to be debited by the same amount. Which of the following is correct?

Manish`s account shall be debited by Rs 4500
Manish`s account shall be debited by Rs 9000
Manish`s account shall be credited by Rs 4500
Manish`s account shall be credited by Rs 9000

Discuss Question

Answer: Option B. -> Manish`s account shall be debited by Rs 9000
:
B
In this case, Manish`s account shall be debited by Rs 9000.

Question 22. Error of undercasting in the sales return book is under debiting it or debiting it with lesser amount. The rectification of this error will require ___ sales returns account.

Crediting
Debiting
Either A or B
None of the above

Discuss Question

Answer: Option B. -> Debiting
:
B
The rectification of this error will require debiting sales returns account.

Question 23. Goods worth Rs 1550 were sold to Sujata. It was recorded as Rs 1050 instead of Rs 1550. To rectify this mistake which of the following is correct?

Suspense account shall be debited by Rs 500
Sales account shall be credited by Rs 500
Sujata`s account shall be debited by Rs 500
B & C both

Discuss Question

Answer: Option D. -> B & C both
:
D
In this case Sujata`s account shall be debited while sales account shall be credited by Rs 500.

Question 24. Repairs of building is debited to Building A/c. This is an ___ .

Error of omission
Error of Commission
Error of Principle
None of the above

Discuss Question

Answer: Option C. -> Error of Principle
:
C
If, repairs of building is debited to building account, then this is an error of principle.

Question 25. What shall be the value of debit in machinery account in this case?
Cost of Machine: Rs 100000
Taxes : Rs 10,000
Carriage Inwards : Rs 500
Wages for Installation : Rs 500

Rs 1,00,000
Rs 1,10,000
Rs 1,15,000
Rs 1,11,000

Discuss Question

Answer: Option D. -> Rs 1,11,000
:
D
All the above shall be included in the value of machine to be debited.

Question 26. A loan of Rs 100000 was taken from a friend Ram, but instead it was recorded as Rs 10,000 in the books. To rectify this mistake which of the following is correct?

Ram`s account shall be debited by Rs 90000
Ram`s account shall be credited by Rs 90000
Bank Account shall be debited by Rs 90000
B&C Both

Discuss Question

Answer: Option D. -> B&C Both
:
D
To rectify this error bank account shall be debited & Ram`s account shall be credited by Rs 90000.

Question 27. Which of the following account(s) will be affected, while rectifying the error of carriage charges, paid for a new plant purchased mistakenly debited to carriage account?

Plant Account
Carriage Account
Both plant & carriage account
Purchases account

Discuss Question

Answer: Option C. -> Both plant & carriage account
:
C
To rectify the error, carriage account shall be credited and plant account shall be debited.

Question 28. Sohan’s A/c is debited by Rs 2500 while it was to be debited by Rs 3500 and Mohan’s A/c is debited by Rs 3500 while the same was to be debited by Rs 2500. For this error, which of the following can be a rectifying entry?

Sohan`s account debit & Mohan`s account credit by Rs 1000
Mohan`s account debit & Sohan`s account credit by Rs 1000
Debit the profit & loss account by Rs 1000
None of the above

Discuss Question

Answer: Option A. -> Sohan`s account debit & Mohan`s account credit by Rs 1000
:
A
The rectifying entry shall be Sohan`s account debit & Mohan`s account credit by Rs 1000.

Question 29. Manish A/c is credited by Rs. 4500 while Manish A/c was to be debited by the same amount. Which of the following is correct?

Manish`s account shall be debited by Rs 4500
Manish`s account shall be debited by Rs 9000
Manish`s account shall be credited by Rs 4500
Manish`s account shall be credited by Rs 9000

Discuss Question

Answer: Option B. -> Manish`s account shall be debited by Rs 9000
:
B
In this case, Manish`s account shall be debited by Rs 9000.

Question 30. Error of Principle arises when?

Proper distinction is not made between Capital and Revenues
There is an omission of transaction
Wrong amounts are entered in the ledgers
Transaction are entered in the wrong Ledgers

Discuss Question

Answer: Option A. -> Proper distinction is not made between Capital and Revenues
:
A
Error of Principle arises when, proper distinction is not made between Capital and Revenues.