Furniture purchased from ABC Ltd. for Rs.10,000 was wrongly entered in journal as Rs.1,00,000. To rectify the same, account shall be credited

Furniture

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Cash

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Suspense

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ABC Ltd.

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Solution

The correct option is A Furniture
Furniture account has excess debit of Rs. 90,000 (1,00,000 - 10,000). To rectify the same, the furniture account is credited by Rs. 90,000.

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Similar questions

Furniture purchased for Rs 10000 was wrongly entered as Rs 100,000. Which account shall be credited to rectify this mistake?

Credit purchase from ABC Ltd was recorded as Rs 1200 instead of Rs 2100. Which account shall be debited to rectify this mistake?

Rectify the following errors:

(a)	Furniture purchased for Rs 10,000 wrongly debited to purchases account.
(b)	Machinery purchased on credit from Raman for Rs 20,000 was recorded through purchases book.
(c)	Repairs on machinery Rs 1,400 debited to machinery account.
(d)	Repairs on overhauling of secondhand machinery purchased Rs 2,000 was debited to Repairs account.
(e)	Sale of old machinery at book value of Rs 3,000 was credited to sales account.

Rectify the following errors assuming that suspension account was opened.

Ascertain the difference in trial balance.

(a)	Furniture purchased for Rs 10,000 wrongly debited to purchase account as Rs 4,000.
(b)	Machinery purchased on credit from Raman for Rs 20,000 recorded through Purchases Book as Rs 6,000.
(c)	Repairs on machinery Rs 1,400 debited to Machinery account as Rs 2,400.
(d)	Repairs on overhauling of second hand machinery purchased Rs 2,000 was debited to Repairs account as Rs 200.
(e)	Sale of old machinery at book value Rs 3,000 was credited to sales account as Rs 5,000.

Rectify the following errors assuming that suspensions account was opened. Ascertain the difference in trial balance.

(a) Furniture purchased for Rs. 10,000 wrongly debited to purchase account as Rs. 4000

(b) Machinery purchased on credit from Raman for Rs. 20000 recorded through purchase book as Rs. 6000

(d) Repair on overhauling of secondhand machinery purchased Rs. 2000 was debited to repair account as Rs. 200

(e) Sale of old machinery at book value Rs. 3000 was credited to sales account as Rs. 5000

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