Question

A return of goods worth ₹5000 by a customer was entered in purchase returm book .Pass the rectifying entry​...... please help.........​

Answer 1

The following journal recordings will be required to rectify these errors.

A credit sales to Mohan were recorded with a lower value, the rectification would be to record the rectification entry ₹ 7,000 – ₹ 700 = ₹ 6,300.

As credit purchases from Rohan were recorded with a lower value, the rectification would be to record the rectification entry ₹ 9,000 – ₹ 900 = ₹ 8,100

As goods returned to Rakesh were recorded with a lower value, the rectification would be to record the rectification entry ₹ 4,000 – ₹ 400 = ₹ 3,600

As goods returned from Mahesh were recorded with a lower value, the rectification would be tor record the rectification entry ₹ 1,000 – ₹ 100 = 900.

Journal Recordings to rectify the errors

 Date Particulars L.F Detbit

Amount

₹ Credit

Amount

₹

i.   Mohan’s AccountDr.   6,300  

   To Sales A/c

(Credit Sales to Mohan, Error rectification recording, ₹ 7,000 was recorded as ₹ 700)     6,300

ii.   Purchases AccountDr.   8,100  

   To Rohan’s A/c

(Credit purchases from Rohan, Error rectification recording, ₹ 9,000 was recorded as ₹ 900)     8,100

iii.   Rakesh’s AccountDr.   3,600  

   To purchases return A/c

(Goods returned to Rakesh, Error rectification recording, ₹ 4,000 was recorded as ₹ 400)     3,600

iv.   Sales Return AccountDr.   900  

   To Mahesh’s A/c

(Goods returned from Mahesh, Error rectification recording, ₹ 1,000 was recorded as ₹ 100)     900