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Question 15 Chapter 10 – Unimax Publications of Class 11
Show how you would correct the following errors, giving journal entries with due narration as are necessary:
(a) A amount of ₹ 105.15 for a credit sales to C.B. Gupta, although correctly entries in the sales book, has been posted as ₹ 115.05.
(b) A credit purchases of goods amounting to ₹ 125 from M/s Vikram & Co has not been entered I the purchase book, but the payment made later on has debited to their personal account.
(c) Wages paid ₹ 267.50 for installation of a new machine aer debited to salaries nd wages account.
(d) ₹ 750 being the cash paid for the purchase of a ratio set for the proprietor had been debited to general expenses account.
(e) Salary ₹ 125 paid to a clerk due to him has been debited to his personal account.
Journal
| Date | Particulars | L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| a. | C.B. Gupta A/c | Dr. | 9.9 | ||
| To Suspense A/c | 9.9 | ||||
| (Being sales to C.B Gupta of ₹ 105.15 recorded as ₹ 155.05, now rectified) | |||||
| b. | Purchases A/c | Dr. | 125 | ||
| To M/s Vikram & Co.’s A/c | 125 | ||||
| (Being purchases of goods from Vikram & Co. has not been entered, now rectified) | |||||
| c. | Machinery A/c | Dr. | 267.5 | ||
| To Salaries & Wages A/c | 267.5 | ||||
| (Being wages paid for installation of now machinery debited to salaries wages a/c, now rectified) | |||||
| d. | Drawing A/c | Dr. | 750 | ||
| To general expense A/c | 750 | ||||
| (Being cash paid for radio set purchases for proprietor has been debited to general expenses a/c, now rectified) | |||||
| e. | Salary A/c | Dr. | 125 | ||
| To Clerk’s A/c | 125 | ||||
| (Being salary paid to a clerk debited to his personal a/c’ now rectified) | |||||
Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
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