Question

Question 26.
How will you rectify the following errors?
(i) ₹ 500 spent on building repairs has been debited to the Building Account.
(ii) Furniture worth ₹ 5,000 purchased from X on credit omitted from being recorded in the books.
(iii) Total of Returns Inward Book was added by ₹ 200 instead of ₹ 250.
(iv) Goods purchased from Mohan for ₹ 5,000 was passed through Returns Inward Book.
(v) Goods returned to Ram was passed through Sales Book.
(vi) Bills payable of ₹ 5,000 accepted in favour of Murari, was passed through bills receivable book with ₹ 500 but Murari’s account was correctly debited.

Answer 1

Rectified entries for the given transactions

Explanation:

i)    Repairs A/c       Dr. Rs.500

              To Buildings A/c      Rs.500

 (Repairs debited to Building A/c rectified)

ii)   Furniture A/c    Dr. Rs.5,000

           To X A/c               Rs.5,000

 (Being Furniture purchased on credit omitted to be recorded rectified)

iii) Return Inwards A/c    Dr. Rs.50

             To Suspense A/c          Rs.50

 (Being Return inwards total rectified)

iv)  Purchases A/c    Dr. Rs.5,000

            To Return Inwards A/c    Rs.5,000

 (Being Goods purchased which was passed through Return inwards rectified)

v) Sales A/c  Dr. Rs.   xxxx

        To Purchase Return A/c   xxxx

(Being goods returned passed through Sales A/c rectified)

vi)  Suspense A/c    Dr. Rs.5,500

         To Bills Receivable A/c     Rs.500

         To Bills Payables     A/c     Rs.5,000

 (Being Bills payables passed though B/R book rectified)