Question No 43 Chapter No 17 - T.S. Grewal 11 Class

Question No 43 Chapter No 17

43. Give the Journal entries to rectify the following errors:
(i) Purchases Book was overcast by 1,000.
(ii) Installation charges on new machinery purchased 500 were debited to Sundry Expenses Account as 50.
(iii) Radhey Shyam returned goods worth 500 which was entered in the Purchases Return Book.
(iv) Goods taken by the proprietor for 5,000 have not been entered in the books at all.

The solution of Question No 43 Chapter No 16:-

Date	Particulars		L.F.	Debit	Credit
i	Suspense A/c	Dr.		1,000
	To Purchases A/c				1,000
	(Being Purchases Book was overcast, now rectified)
ii	Machinery A/c	Dr.		500
	To Sundry Expense A/c				50
	To Suspense A/c				450
	(Being Installation charges of Machinery Rs 1,500 was wrongly debited as Rs 50 in Sundry Expenses Account, now rectified)
iii	Sales Return A/c	Dr.		500
	Purchases Return A/c	Dr.		500
	To Radhey Shyam				1,000
	(Being Goods returned by Radhey Shyam was wrongly entered in Purchases Return Book, now rectified)
iv	Drawings A/c	Dr.		5,000
	To Purchases A/c				5,000
	(Being Goods taken by proprietor was not recorded, 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