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Question No 24 Chapter No 17
24.Pass Journal entries rectifying the following errors:
(i) A cheque for 10,000 was received from Ranjan on which 200 Cash Discount was allowed. The cheque was not honoured on due date and the amount of discount was credited to Discount Received Account.
(ii) 2,000 paid as wages for machinery installation was debited to Wages Account.
(iii) 5,000 received from Rakesh were credited to his Personal Account. The amount had been written off as bad debts earlier.
(iv) Repair bill of machinery was recorded as 100 against the bill amount of 1,000
The solution of Question No 24 Chapter No 16:-
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| i | Discount Received A/c | Dr. | 200 | ||
| To Discount Allowed A/c | 200 | ||||
| (Being On dishonour of Ranjan’s cheque, instead of crediting Discount Allowed Account, Discount Received Account was wrongly credited, now rectified) | |||||
| ii | Machinery A/c | Dr. | 2,000 | ||
| To Wages A/c | 2,000 | ||||
| (Being Wages paid for Installation of Machinery was debited wrongly to Wages Account, now rectified) | |||||
| iii | Rakesh A/c | Dr. | 5,000 | ||
| To Bad Debt Recovered A/c | 5,000 | ||||
| (Being Cash received from Rakesh was Credited wrongly to Rakesh’s Account was previously written off as Bad Debt, now rectified) | |||||
| iv | Repair A/c | Dr. | 900 | ||
| To Cash A/c | 900 | ||||
| (Being Repair bill Rs 1,000 was recorded as Rs 100, now rectified) | |||||
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T.S. Grewal's Double Entry Book Keeping
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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