Question 48.
Pass the rectification entries for the following transactions:
(i) Repairs to plant amounting to ₹ 2,000 had been charged to Plant and Machinery Account.
(ii) Wages paid to the firm’s workmen for making certain additions to machinery amounting to ₹ 1,340 were debited to Wages Account.
(iii) A cheque for ₹ 7,500 received from S. Desai was credited to the account of R. Gupta.
(iv) Goods to the value of ₹ 7,000 returned by X were included in closing stock, but no entry was made in the books.
(v) Goods costing ₹ 5,000 were purchased for various members of the staff and the cost was included in Purchases. A similar amount was deducted from the salaries of the staff members concerned and the net payments to them debited to Salaries Account.
(vi) Credit purchase of old machinery from Sohan for ₹ 1,70,000 was entered in the Purchase Book as purchase from Mohan for ₹ 7,10,000. ₹ 30,000 paid as repairing charges on the reconditioning of a newly purchased second had machinery were debited to General Expenses Account.
(vii) Debit and Credit totals of discount columns in the Cash Book which come to ₹ 400 and ₹ 370 respectively have not been posted to Discount Accounts.
Answers
The rectified journal entries are shown below:
Explanation:
The rectified journal entries is as:
1.
Repairs A/c.................................Dr $2,000
Plant and Machinery A/c............Cr $2,000
Being repairs made to plant and machinery debited, now rectified.
2.
Machinery A/c.......................Dr $1,340
Wages A/c.............................Cr $1,340
Being addition to machinery debited to wages, now rectified.
4.
Sales Return A/c......................Dr $7,000
X's A/c......................................Cr $7,000
Being being goods returned worth $7,000,now rectified
5.
Salaries A/c................................Dr $5,000
Purchase A/c..............................Cr $5,000
Being goods distributed as salary recorded in purchase.
6.
Mohan A/c.........................................Dr $ 710,000
Machinery A/c...................................Dr $200,000
Sohan A/c........................................Cr $170,000
Purchase A/c....................................Cr $710,000
General expense A/c.......................Cr $30,000
Being credit purchase from Sohan recorded as purchase from Mohan, now rectified
7.
Discount Allowed A/c.................................Dr $400
Suspense A/c..............................................Cr $400
Being discount allowed omitted, now rectified.
Suspense A/c........................................Dr $370
Discount received A/c........................Cr $370
Being discount received omitted
NOTE: Entry for this cheque received from S. Desai was credited to the R. Gupta account will not be recorded
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Answer:
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Explanation:
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