Question 46.
Rectify the following errors by passing Journal entries:
(i) A sum of ₹ 470 received from Ganga was posted to her debit as ₹ 740.
(ii) A debit balance of ₹ 550 in the personal account of Mr. John was undercast.
(iii) Bills Receivable from Brown for ₹ 3,000 posted to the credit of Bills Payable Account and credited to Brown’s Account.
(iv) Goods returned by Mridul ₹ 225 have been entered in the Returns Outward Book.
Answers
The journal entries are shown below:
Explanation:
The journal entries are as follows:
1.
Suspense A/c............................Dr Rs 1,210
To Ganga A/c........................Cr Rs 1,210
Being amount received from Ganga posted to debit, now rectified.
Note:
Amount = Rs 470 + Rs 740
= Rs 1,210
2.
Mr John A/c..........................Dr Rs 550
To Suspense A/c..............Cr Rs 550
Being debit balance was understated of John, now rectified.
3.
Bills Receivable A/c............................Dr Rs3,000
Bills Payable A/c...................................Dr Rs 3,000
To Suspense A/c..............................Cr Rs 6,000
Being BR from Brown posted to credit of BR, now rectified.
4.
Sales Return A/c........................Dr Rs 225
Purchase Return A/c..................Dr Rs 225
To Mridul A/c.......................Cr Rs 450
Being goods returned through Mridul posted in the Return outward book, now rectified.
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