Question

what is the rectification entry for credit purchases from Mr. Peter 9000 were recorded twice?

Answer 1

Answer:

10000

Explanation:

Since purchase books was totaled short by Rs. 10000, an amount of Rs.10000 has to be added to the purchases account. Rectification will be done by debiting the purchase account with Rs.10000 mentioning that "To short total of purchase book for Rs.10000"

Answer 2

In this question, we are asked to pass the rectification entry.

• Rectification entry will be -

Sales A/C DR 9,000

               To Mr. Peter A/C 9,000

(Being credit sales recorded twice)

• As sales were recorded twice which shows that Mr. Peter has to pay more than the purchased amount of goods he bought, and our sales will also show wrong figures.
• Entry passed for recording credit sales-

Mr. Peter A/C DR 9,000

               To Sales A/C 9,000

(Being credit sales done)

• The above entry is recorded twice which needs to be rectified as he has purchased goods once.

PROJECT CODE #SPJ2