A Trial Balance disclosed a difference of ₹ 417 placed on the credit side of the Suspense Account. Later on the following errors were located: (i) Goods worth ₹ 200 purchased from Sohan had been posted to his account as ₹ 250. (ii) A purchase of furniture for ₹ 500 was recorded in the Purchases Book. (iii) Instead of crediting Gian’s Account with ₹ 512, it was debited with ₹ 215. (iv) Goods worth ₹ 130 returned by Gian were entered in the Sales Book and posted therefrom to the credit of Gian’s Personal Account. Pass the rectifying entries and prepare a Suspense Account.

A Trial Balance disclosed a difference of ₹ 417 placed on the credit

1.	A Trial Balance disclosed a difference of ₹ 417 placed on the credit side of the Suspense Account. Later on the following errors were located: (i) Goods worth ₹ 200 purchased from Sohan had been posted to his account as ₹ 250. (ii) A purchase of furniture for ₹ 500 was recorded in the Purchases Book. (iii) Instead of crediting Gian’s Account with ₹ 512, it was debited with ₹ 215. (iv) Goods worth ₹ 130 returned by Gian were entered in the Sales Book and posted therefrom to the credit of Gian’s Personal Account. Pass the rectifying entries and prepare a Suspense Account.
Answer» A trial BALANCE is a list of all the general ledger ACCOUNTS (both revenue and capital) contained in the ledger of a business. This list will contain the name of each nominal ledger ACCOUNT and the value of that nominal ledger balance. Each nominal ledger account will hold either a DEBIT balance or a CREDIT balance.

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