Question No 45 Chapter No 17 - T.S. Grewal 11 Class

Question No 45 Chapter No 17

45.Rectify the following errors by passing Journal entries:
(i) Old furniture sold for 500 has been credited to Sales Account.
(ii) Machinery purchased on credit from Raman for 2,000 recorded through Purchases Book as 16,000.
(iii) Cash received from Rajat 5,000 was posted to the debit of Bhagat as 6,000.
(iv) Depreciation provided on machinery 3,000 was posted to Machinery Account as 300.

The solution of Question No 45 Chapter No 16:-

Date	Particulars		L.F.	Debit	Credit
i	Sales A/c	Dr.		500
	To Furniture A/c				500
	(Being Sale of old Furniture was wrongly treated as Sales of Goods, now rectified)
ii	Machinery A/c	Dr.		2,000
	Raman A/c	Dr.		14,000
	To Purchases A/c				16,000
	(Being Received Rs 540 from Yatin posted wrongly to the debit side of his account, now rectified)
iii	Suspense A/c	Dr.		11,000
	To Bhagat A/c				6,000
	To Rajat A/c				5,000
	(Being Cash received from Rajat Rs 5,000 was wrongly posted to the debit of Bhagat as Rs 6,000, now rectified)
iv	Suspense A/c	Dr.		2,700
	To Machinery A/c				2,700
	(Being Depreciation provided on Machinery Rs 3,000 was posted to Machinery A/c as Rs 300, 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