Question

Rectify the following errors by means of Journal entries:
(i) A cheque of ₹ 5,000 received from Ashish was dishonoured and was debited to Discount Account.
(ii) Purchases of ₹ 540 from Ramneek was written in Sales Book but was correctly posted to correct side to Ramneek’s Account.
(iii) Salary paid to Miss Yugakshi ₹ 1,000 was debited to her Personal Account as ₹ 900.
(iv) Furniture costing ₹ 500, purchased from Jyoti, was wrongly entered in Purchases Book as ₹ 450.

Answer 1

Answer:

A journal entry is the act of keeping or making records of any transactions either Economic or non economic. Transactions are listed in an accounting journal that shows a company's debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit.

Answer 2

Answer:

One-Sided Errors

                                           Journal