Accountancy, asked by Rashiv8756, 9 months ago

Question 4.
Rectify the following errors assuming that there is no Suspense Account:
(i) Salary of ₹ 5,000 paid to Rahul was not posted to Salaries Account.
(ii) Sales to Amrish of ₹ 1,430 posted to his account as ₹ 1,340.
(iii) Sales to Vijay of ₹ 2,470 posted to his account as ₹ 2,740.
(iv) Purchases from Pal of ₹ 1,430 posted to his account as ₹ 1,340.

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Answers

Answered by salmangraveiens
9

The answers is explained keeping in mind that the students knows how to transfer the entries into ledger accounts.

Explanation:

(i) when we pay for a salary we debit the salary account and credit the cash account. But the error is that we have not posted the amount to salaries account. So here we need to transfer the amount to the debit side of the salaries account with the amount by 5000( To cash A/c 5000) to rectify the error.

(ii) When we make an entry for sales we debit the debtor if it is on credit bases and debit the cash if it is on cash bases and credit the Sales account. Here according to the question it is on credit bases so we need to debit the debtor. we debited the debtor but the amount is wrong. So to rectify the error we need to debit the Amrish account by rs 90.Here we need to transfer the amount on the debit side of Amrish account ( To sales A/c 90 ) to rectify the error.

(iii) It is same as the (ii) only difference is that the amount is more than the actual amount so we will credit the Vjay account by rs 270 i.e. (By sales A/c 270) in vijay Account.

(iv) When we purchase on credit we debit the purchase account and credit the creditors account i.e. pal account here . But we credited the pal amount with less amount than the actual amount. So we need to credit the pal account by rs 90 ( by purchase A/c 90 ) in pals account to rectify the error.

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