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Rectify the following errors by passing journal entries assuming suspense account has been opened:

  1. Return inwards book has been overcast by Rs.1,600
  2. Purchase book has been undercast by Rs.900
  3. The balance in the account of Rs.2,100 was written off as bad debt but the same was not posted to his account.
  4. A purchase of Rs.4,200 made from Rajat entered in the purchase book but wrongly posted to the credit of Rajit’s A/c as Rs.200.

Asked by Topperlearning User 29th July 2016, 9:59 AM
Answered by Expert
Answer:

Rectification Entries in Journal

Date

Particulars

 

L.F.

Dr.

Rs. 

Cr.

Rs. 

 i.  

Suspense A/c

Dr.

 

1,600

 

 

----------To Return inwards A/c

 

 

 

1,600

 

(Being return inwards book overcast, now rectified)

 

 

 

 

 

 

 

 

 

 

 ii.  

Purchases A/c

Dr.

 

900

 

 

----------To Suspense A/c

 

 

 

900

 

(Being undercasting of purchase book now rectified)

 

 

 

 

 

 

 

 

 

 

 iii.  

Suspense A/c

Dr.

 

2,100

 

 

----------To Yogesh’s A/c

 

 

 

2,100

 

(Being wrong credit to personal account in respect to previously written off bad debts, now rectified)

 

 

 

 

 iv.  

Suspense A/c

Dr.

 

4,000

 

 

Rajit’s A/c

Dr.

 

200

 

 

----------To Rajat’s A/c

 

 

 

4,200

 

(Being purchases of Rs.4,200 wrongly credit to Rajit’s A/c as Rs.200, now rectified)

 

 

 

 

 

Answered by Expert 29th July 2016, 11:59 AM
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