Question No 24 Chapter No 17 - T.S. Grewal 11 Class

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.		3,000
	To Cash A/c				3,000
	(Being Repair bill Rs 1,000 was recorded as Rs 100, now rectified)

Error Rectification in accounting – Explanation with examples

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

- Chapter No. 1 – Introduction to Accounting
- Chapter No. 2 – Basic Accounting Terms
- Chapter No. 3 – Theory Base of Accounting, Accounting Standards and International Financial Reporting Standards(IFRS)
- Chapter No. 4 – Bases of Accounting
- Chapter No. 5 – Accounting Equation
- Chapter No. 6 – Accounting Procedures – Rules of Debit and Credit
- Goods and Services Tax(GST)
- Chapter No. 7 – Origin of Transactions – Source Documents and Preparation of Vouchers
- Chapter No. 8 – Journal
- Chapter No. 9 – Ledger
- Chapter No. 10 – Special Purpose Books I – Cash Book
- Chapter No. 11 – Special Purpose Books II – Other Books
- Chapter No. 12 – Bank Reconciliation Statement
- Chapter No. 13 – Trial Balance
- Chapter No. 14 – Depreciation
- Chapter No. 15 – Provisions and Reserves
- Chapter No. 16 – Accounting for Bills of Exchange
- Chapter No. 17 – Rectification of Errors
- Chapter No. 18 – Financial Statements of Sole Proprietorship
- Chapter No. 19 – Adjustments in preparation of Financial Statements
- Chapter No. 20 – Accounts from incomplete Records – Single Entry System
- Chapter No. 21 – Computers in Accounting
- Chapter No. 22 – Accounting Software – Tally
- Chapter No. 5 – Accounting Equation
- Chapter No. 6 – Accounting Procedures – Rules of Debit and Credit
- Goods and Services Tax(GST)
- Chapter No. 8 – Journal
- Chapter No. 9 – Ledger
- Chapter No. 10 – Special Purpose Books I – Cash Book