Question

paid cartage for the newly purchased furniture rupees 500 posted to cartage account rectification of errors


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Answer 1

Answer:

purchase a/c to furniture a/c

Answer 2

We are required to give the rectification of the wrong entry which has been passed which will be done as under:

• For rectifying this entry there are three journal entries that have to be passed.
• The journal entries with explanation are as follows:
• First, let us understand the wrong entry passed.
• The wrong entry would have been:

              Cartage a/c Dr.     $500$

        To, Cash a/c                                   $500$

• This entry needs to be corrected and given below is what the entry should have been passed in the first place:

             Furniture a/c Dr.    $500$

          To, Cash a/c                                   $500$

• To rectify this wrong entry a rectification error needs to be passed.
• The rectification entry will be:

                Furniture a/c Dr.    $500$

               To Cartage a/c                        $500$

• By posting the above entry the wrong debit of Cartage will be canceled and the correct debit of furniture will take place.

PROJECT CODE:#SPJ3