Rectification of Errors Important Question 3 for I.Com Part 1

Rectification of Errors Important Question 3 for I.Com Part 1

Correct the following errors by passing journal entries

(i) The purchase book was under casted Rs. 1,000.

(ii) Machinery bought Rs.1,000 posted as purchases.

(iii) Sales book was overcastted Rs. 550.

(iv) Sold old furniture for Rs.250 passed through the day
book.

(v) Carriage on machinery Rs. 500 has been debited to
carriage account.

Solution

(i)                                 Purchases account                                           1,000

                                                Suspense account                                          1,000

                        (Purchases book rectified).

 

(ii)                                Furniture account                                          1,000

                                                Purchases account                                          1,000

                        (Wrongly Debited to purchases a/c, now credited)

 

(iii)                               Sales account                                                   550

                                                Suspense account                                             550

                        (Overcast of sales book, now rectified)

 

(iv)                               Sales account                                                   250

                                                Furniture account                                               250

                        (Wrongly credit to sales a/, now rectified)

 

(v)                                Machinery account                                          500

                                                Carriage account                                                500

                        (Wrongly debit to carriage a/c, now rectified)

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