Question

Rectify the following error:

Furniture purchased from gulab & co for rupees 10,000 has been entered in purchases book​

Answer 1

Answer:

Journal

Date Particulars L.F. Debit Amount (Rs) Credit Amount (Rs)

i) Mridula’s A/c Dr. 5,000

To Sales A/c

5,000

(Credit sales to Mridula were omitted to be recorded)

ii) Purchases A/c Dr. 8,000

To Nayna’s A/c

8,000

(Credit purchases from Nayna were omitted to be recorded)

iii) Priya’s A/c Dr. 12,000

To Purchases Return A/c

12,000

(Goods returned to Priya were omitted to be recorded)

iv) Sales Return A/c Dr. 10,000

To Rashi’s A/c

10,000

(Goods returned from Rashi