Question No 10 Chapter No 16

Question No 10 Chapter No 16

Error in two Accounts with same Account

10. Pass journal entries to rectify the following errors:

  1. A purchase of machinery for Rs 4,900 was recorded in the purchases book
  2. Goods returned to Kashmiri Lal for Rs 1,550 were recorded in returns outward book Rs 1,505
  3. A cash sales of Rs 480 is omitted from the book
  4. Old furniture sold of Rs 800 has been credited to the sale account
  5. A purchase of Scientific equipment’s Rs 2,900 was recorded in the purchased account
  6. A camera purchased for Rs 4,000 for a gift to son-in-law was debited to office expenses account
  7. Salary paid Rs 1,800 to Chanan Singh has been debited to his personal account
  8. A credit purchase of goods amounting to Rs 250 from Chanchal Singh has not been entered in the purchases book, but the payment made later on has been debited to his personal account

The solution of Question No 10 Chapter No 16:-

Journal
Date  Particulars
L.F.DebitCredit
      
(a)Machinery A/cDr. 4,900 
 To Purchases A/c   4,900
 (Being purchase of machinery wrongly debited to purchases account now corrected.)    
      
(b)Kashmiri Lal A/cDr. 45 
 To Return outward A/c   45
 (Being return of Rs 1,550 wrongly recorded Rs 1,505 now corrected.)    
      
(c)Cash A/cDr. 480 
 To Sale A/c   480
 (Being cash sale omitted, now recorded.)    
      
(d)Sale A/cDr. 800 
 To Furniture A/c   800
 (Being sale of equipment wrongly debited to purchases account, now corrected.)    
      
(e)Equipment A/cDr. 2,900 
 To Purchases A/c   2,900
 (Being purchase of equipment wrongly debited to purchases account now corrected.)    
      
(f)Drawing A/cDr. 4,000 
 To Office expenses A/c   4,000
 (Being personal expenses wrongly debited to purchases account now corrected)    
      
(g)Salary A/cDr. 1,800 
 To Prabhjot A/c   1,800
 (Being salary wrongly debited to personal account.)    
      
(h)Purchases A/cDr. 250 
 To Ansari A/c   250
 (Being goods purchased not recorded previously, corrected.)    
     



Error Rectification in accounting – Explanation with examples

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Also, Check out the solved question of all Chapters: –

Chapter No. 1 – Introduction

Chapter No. 2 – Theory Base of Accounting 

Chapter No. 3 – Vouchers and transactions

Chapter No. 4 – Journal

Chapter No. 5 – Ledger

Chapter No. 6 – Cash Book

Chapter No. 7 – Other Subsidiary Books

Chapter No. 8 – Journal Proper

Chapter No. 9 – Trial Balance 

Chapter No. 10 – Bank Reconciliation Statement

Chapter No. 11 – Depreciation

Chapter No. 12 – Provisions and Reserves 

Chapter No. 13 – Bills of Exchange

Chapter No. 14 – Rectification of Errors 

Chapter No. 15 – Financial Statements – (Without Adjustments)

Chapter No. 16 – Financial Statements – (With Adjustments)

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