Question

tions of accounting
Purchased a machinery for ? 2,00,000 but debited to purchase account. Pass a
rectification entry by writing the type of error.​

Answer 1

Answer:

Machinery a/c. dr. 200000

To purchase account. 200000

Error of principle

Answer 2

ᴀɴsᴡᴇʀ

This transaction is the case of rectification of errors of principal. It is the two sided error which affect two or more account.

Types of error that affect two or more account :-

1. Error of recording
2. Error of posting to wrong account
3. Error of principal
4. Error of complete omission

Wrong entry

• Purchase A/c Dr. 200000
• To Cash A/c. 200000

Correct entry

• Machinery A/c. Dr. 200000
• To purchase A/c. 200000

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