Question

Q. Goods purchased from Varun for Rs. 5,500 has been
entered in the purchases book as Rs. 5,050. What is
the rectification entry?
None of the given options are correct
Debit Purchases Account Rs.5050; Credit Cash Account Rs 5050​

Answer 1

The rectification entry  is Varun's a/c   Dr.5500, To  Purchases  a/c    5050 and To   Sales  a/c     450.

Step-by-step explanation:

Given:

Goods purchased from Varun for Rs. 5,500.

Entered in the purchases book as Rs. 5,050.

To  Find:

The rectification entry.

Solution:

As given-Goods purchased from Varun for Rs. 5,500.

               Entered in the purchases book as Rs. 5,050.

  The rectification entry :

    Varun's a/c      Dr.5500

       To   Purchases  a/c    5050.

      To   Sales  a/c       450.

Thus, the rectification entry is  Varun's a/c   Dr.5500, To  Purchases  a/c    5050 and To   Sales  a/c     450.

Answer 2

The rectification entry  is, Varun's a/c   Dr.5500, To  Purchases  a/c    5050 and To   Sales  a/c     450.

What is rectification entry?

When an error is made in the books of accounts, it should be fixed so that the financial statements reflect the proper figures. If the issue is discovered quickly, it can be corrected by deleting the incorrect record and replacing it with the proper one.

According to the question:

Varun sold the goods for Rs. 5,500.

Rs. 5,050 was entered in the purchases book.

The rectification entry :

   Varun's a/c      Dr.5500

      To   Purchases  a/c    5050.

     To   Sales  a/c       450.

Hence, Varun's a/c Dr.5500, To Purchases a/c 5050, and To Sales a/c 450 are the correction entries.

Learn more about  rectification entry here,

https://brainly.in/question/1866551?msp_poc_exp=4

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