The Trial Balance of Sheela & Co. drawn up at 31st December, 2016, failed to agree, its credit side exceeding the debit side by 7 125. A suspense account was opened and the Trading and Profitter Loss Account drafted which revealed a net profit of * . The following errors were later (1) The owner had taken goods worth 7 70 each month for his personal use but no entry was discovered : made to correct this fact. (ii) A credit sale of goods for 940 to Girish was recorded correctly in the Sales Book but as 490 in his personal account. (iii) The Returns Outward Book was undercast by (iv) Goods worth Book but not posted to the ledger. 100. 225 were returned by Navin. This was correctly recorded in Returns Inward (v) Motor expenses You are required to : 1,475, were debited to motor car account. (a) prepare the necessary Journal entries to correct the mistakes ; (b) draft a Suspense Account; (c) show the effect of each error on the net profit and calculate the correct net profit. = 17,172

The Trial Balance of Sheela & Co. drawn up at 31st December, 2016, fai

1.	The Trial Balance of Sheela & Co. drawn up at 31st December, 2016, failed to agree, its credit side exceeding the debit side by 7 125. A suspense account was opened and the Trading and Profitter Loss Account drafted which revealed a net profit of * . The following errors were later (1) The owner had taken goods worth 7 70 each month for his personal use but no entry was discovered : made to correct this fact. (ii) A credit sale of goods for 940 to Girish was recorded correctly in the Sales Book but as 490 in his personal account. (iii) The Returns Outward Book was undercast by (iv) Goods worth Book but not posted to the ledger. 100. 225 were returned by Navin. This was correctly recorded in Returns Inward (v) Motor expenses You are required to : 1,475, were debited to motor car account. (a) prepare the necessary Journal entries to correct the mistakes ; (b) draft a Suspense Account; (c) show the effect of each error on the net profit and calculate the correct net profit. = 17,172
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Tois question based GISTBasie Prodquet? Gust Sales SupplyАB 2200150800118.00 to 20018.001 300 Intre statoI istrustile12.00 lo1120 Istrestaleb.Tabb Trade Details (sales and purchaseJitems opening stat I purchased sold closingo0104803oa) find out belowgiveoQuestionsCGST ,SGST , LGST final balance?1. use different lable for saleand purchas drade.Neft profit from the trade?closing stock valuations ?

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