Rectify the following: R, the owner of the Business, had taken away goods of Rs.5000 for his personal use,but Accountant recorded it as it was sold to him at Rs. 6000. *
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1000 Ka nuksan + fayda dono ko hua
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Drawing A/c Dr. 5,000
To Purchase A/c. 5,000
Sales A/c Dr. 6,000
To R's Capital 6,000
Explanation:-
1). As the owner (R) withdrew the goods for personal use then it is called drawing
So, the entry that should have been is
Drawing A/c Dr. 5,000
To Purchase A/c. 5,000
2). But instead, the accountant recorded it as
R's Captial A/c Dr. 6,000
To Sales A/c 6,000
3). So, we have to reverse this entry and we have rectified the mistake by doing so.
Sales A/c Dr. 6,000
To R's Capital 6,000
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