Pass the rectifying Journal Entries: 1) A Credit sale of goods for ₹2,500 to Krishna has been wrongly passed through the purchases book. 2) ₹5,000 paid for freight on machinery purchased was debited to the freight account as ₹500. 3) The returns inward book has been wrongly overcast by ₹100. 4) An amount of ₹500 due from Ramesh which had been written off as Bad Debt in previous year was recorded and had been posted to the Personal account of Ramesh. 5) A sum of ₹460 owed by Hari had not been included in the list of debtors.
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1.Krishna A/c Dr 5000
To purchase A/c 2500
To sales A/c. 2500
2. Machinery A/c. Dr. 5000
To freight A/c. 500
To cash A/c. 4500
3. In the credit side of return inward account following record will be made:
By overcasting of return inward 100
4. Ramesh A/c. Dr 500
To bad debts recovered A/c 500
5. Hari A/c. Dr 460
To Suspense A/c. 460
To purchase A/c 2500
To sales A/c. 2500
2. Machinery A/c. Dr. 5000
To freight A/c. 500
To cash A/c. 4500
3. In the credit side of return inward account following record will be made:
By overcasting of return inward 100
4. Ramesh A/c. Dr 500
To bad debts recovered A/c 500
5. Hari A/c. Dr 460
To Suspense A/c. 460
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