Question 11.
Rectify the following errors:
(i) Purchases Book has been undercast by ₹ 1,000.
(ii) Credit sale to Anu Prakash ₹ 7,000 was recorded in Purchases Book.
(iii) Credit sale to Rahul ₹ 7,000 was recorded as ₹ 700.
Answers
The journal entries are shown below:
Explanation:
The journal entries for rectifying the transactions are shown below:
1.
Purchases A/c..................................Dr Rs 1,000
To Suspense A/c.........................Cr Rs 1,000
Being purchase book understated, now rectified.
2.
Anu Prakash A/c....................Dr Rs14,000
To Sales A/c........................Cr Rs 7,000
To Purchases A/c...............Cr Rs 7,000
Being credit sale to Anu Prakash credited to purchase book, now rectified.
3.
Rahul A/c.........................Dr Rs 6,300
To Sales A/c................Cr Rs 6,300
Being credit sales to Rahul was recorded less, now rectified.
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Answer:
The journal entries are shown below:
Explanation:
The journal entries for rectifying the transactions are shown below:
1.
Purchases A/c..................................Dr Rs 1,000
To Suspense A/c.........................Cr Rs 1,000
Being purchase book understated, now rectified.
2.
Anu Prakash A/c....................Dr Rs14,000
To Sales A/c........................Cr Rs 7,000
To Purchases A/c...............Cr Rs 7,000
Being credit sale to Anu Prakash credited to purchase book, now rectified.
3.
Rahul A/c.........................Dr Rs 6,300
To Sales A/c................Cr Rs 6,300
Being credit sales to Rahul was recorded less, now rectified.
Explanation: