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Question No 48 Chapter No 17
48. Pass the rectification entries for the following transactions:
(i) Repairs to plant amounting to 2,000 had been charged to Plant and Machinery Account.
(ii) Wages paid to the firm's workmen for making certain additions to machinery amounting to 1,340 were debited to Wages Account.
(iii) A cheque for 7,500 received from S. Desai was credited to the account of R. Gupta.
(iv) Goods to the value of 7,000 returned by X were included in closing stock, but no entry was made in the books.
(v) Goods costing 5,000 were purchased for various members of the staff and the cost was included in 'Purchases'. A similar amount was deducted from the salaries of the staff members concerned and the net payments to them debited to Salaries Account.
(vi) Credit purchase of old machinery from Sohan for 1,70,000 was entered in the Purchase Book as purchase from Mohan for 7,10,000. 30,000 paid as repairing charges on the reconditioning of a newly purchased second had machinery were debited to General Expenses Account.
(vii) Debit and Credit totals of discount columns in the Cash Book which come to 400 and 370 respectively have not been posted to Discount Accounts
The solution of Question No 48 Chapter No 16:-
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| i | Repairs A/c | Dr. | 2,000 | ||
| To Plant and Machinery A/c | 2,000 | ||||
| (Being Repairs wrongly capitalised, now rectified) | |||||
| ii | Machinery A/c | Dr. | 1,340 | ||
| To Wages A/c | 1,340 | ||||
| (Being Wages paid to Workmen for certain addition to Machinery wrongly debited to Wages Account, now rectified) | |||||
| iii | R. Gupta | Dr. | 7,500 | ||
| To S. Desa | 7,500 | ||||
| (Being Cheque of Rs 7,500 received from S. Desai was wrongly Credited to R. Gupta’s Account, now rectified) | |||||
| iv | Sales Return A/c | Dr. | 7,000 | ||
| To X A/c | 7,000 | ||||
| (Being Goods returned by X had not recorded in the book, now rectified) | |||||
| v | Salaries A/c | Dr. | 5,000 | ||
| To Purchases A/c | 5,000 | ||||
| (Being Goods purchased for Staff was wrongly debited to Purchases Account, now rectified) | |||||
| vi | Mohan A/c | Dr. | 7,10,000 | ||
| Machinery A/c | Dr. | 2,00,000 | |||
| To Sohan A/c | 1,70,000 | ||||
| To Purchases A/c | 7,10,000 | ||||
| To General Expenses A/c | 30,000 | ||||
| (Being Credit purchase of an old machinery from Sohan and repairs charges were wrongly recoreded as purchase from Mohan and General Expenses, now rectified) | |||||
| vii(a) | Discount Allowed A/c | Dr. | 400 | ||
| To Suspense A/c | 400 | ||||
| (Being Discount allowed omitted to be recorded, now recorded) | |||||
| vii(b) | Suspense A/c | Dr. | 370 | ||
| To Discount Received A/c | 370 | ||||
| (Being Discount received omitted to be recorded, now recorded) | |||||
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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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