Rectify the following errors by way of Journal entries: i. Preeti was paid Rs 2,800 but Jyoti was debited Rs 2,000. ii. Goods costing Rs 10,000 were purchased for various members of the 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. iii. Wages amounting to Rs 7000 for machinery erection were debited to the Wages Account. iv. Goods purchased for Rs 1000 for the proprietor’s use were debited to the Purchases Account.
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How will you rectify the following errors?
i. Purchases Book is overcast by Rs.10,000.
ii. Purchases Return Book is overcast by Rs.1,000.
iii. Purchases Return Book’s balance is carried forward in excess by Rs.100.
iv. Purchases Book’s balance is carried forward in excess by Rs.1,000.
Note: The above errors have been detected before the preparation of Trial Balance.
Solution:
ts-grewal-solutions-class-11-accountancy-chapter-16-rectification-errors-1
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