9. Rectify the following errors:
(6 m)
i) The sales Account has been totalled short by 2000.
ii) A sum of 8300 received from X was posted to his debit as
3800.
iii) A purchase of goods from Ram amounting to 15000 has
been wrongly passed through the sales book.
iv) 5000 paid for furniture purchased has been charged to the
ordinary purchases amount.
v) Salary of 12500 paid to a clerk due to him, has been
debited to his Personal Account.
vi) Repair made were debited to the Building Account for
5000.
Answers
Explanation:
I hope your query is solved now.
Answer: (i) Debtor's A/c ..... Dr. 2,000
to, cash A/c ..... 2,000
(ii) Cash A/c .... Dr. 4,500
to, x's A/c .... 4,500
(iii) Purchased A/c Dr...... 15,000
to, Ram's A/c ........15,000
(iv) Furniture A/c ...Dr 5,000
to, Cash A/c....5,000
(v) Salary A/c ....Dr. 12,500
to, outstanding A/c ... 12,500
(vi) Repaid A/c ..... Dr..5,000
to, Cash A/c....5,000
Explanation: Rectification of Errors is the process of fixing errors in records. Errors can happen due to a variety of reasons, including posting records to ledger accounts, classifying accounts, carrying forward balances, etc.
Examples include casting mistakes, carrying forward errors, balancing errors, posting errors in which the correct amount is posted to the incorrect side of the correct account, the incorrect side is posted with the correct amount, or the account that should be shown in the trial balance is omitted.
The significance of correcting errors
To determine the true balance of the company, there should be no errors in the recording of transactions; as a result, a process for correcting errors is required. Maintaining a correct account and balancing the final accounts is beneficial.
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