Question No 26 Chapter No 17 - T.S. Grewal 11 Class

Question No 26 Chapter No 17

26. How will you rectify the following errors?
(i) 500 spent on building repairs has been debited to the Building Account. (ii) Furniture worth 5,000 purchased from X on credit omitted from being recorded in the books.
(iii) Total of Returns Inward Book was added by 200 instead of 250.
(iv) Goods purchased from Mohan for 5,000 was passed through Returns Inward Book.
(v) Goods returned to Ram was passed through Sales Book. (vi) Bills payable of 5,000 accepted in favour of Murari, was passed through bills receivable book with 500 but Murari’s account was correctly debited.

The solution of Question No 26 Chapter No 16:-

Date	Particulars		L.F.	Debit	Credit
i	Repair A/c	Dr.		500
	To Building A/c				500
	(Being Repair of the building was debited wrongly to Building Account, now rectified)
ii	Furniture A/c	Dr.		5,000
	To X A/c				5,000
	(Being Furniture purchased from X was omitted to be recorded, now recorded)
iii	Returns Inward A/c	Dr.		50
	To Suspense A/c				50
	(Being Returns Inward Book was added short, now rectified)
iv	Purchases A/c	Dr.		5,000
	To Returns Inward A/c				5,000
	(Being Goods purchased from Mohan wrongly passed through Returns Inward Book, now rectified)
v	Sales A/c	Dr		—–
	To Purchases Return A/c				—–
	(Being Goods returned to Ram wrongly passed through Sales Book, now rectified)
vi	Suspense A/c	Dr		5,500
	To Bills Receivable A/c				500
	To Bills Payable A/c				5,000
	(Being Bills Payable accepted in favour of Murari, wrongly debited to Bills Receivable as Rs.500, 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