Question

Machinery perchesed on credit by Roman for 20,000 Rupees was recorded through perchase book.​
please solve this!

Answer 1

Answer:

Machinery A/c             Dr.        20,000
      To Purchases A/c                              20,000

Explanation:

Correct Entry:-

Machinery A/c        Dr.            20,000
               To Roman's A/c                             20,000


Wrong Entry:-

Purchases A/c          Dr.               20,000
          To Roman's A/c                                  20,000

Rectified Entry:-

Machinery A/c Dr.                         20,000
           To Purchases A/c                                20,000


As in the wrong entry, Roman is credited correctly and with the correct amount so Roman's A/c is not affected but Purchases has been debited with the correct amount. So in the rectified entry, the Machinery A/c will be debited with 20,000 and Purchases A/c will be credited with 20,000 (so that the effect of wrong entry gets cancelled)

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