Goods worth Rs.24,000 were returned by X. The accountant, however, credited the sales returns account by Rs.42,000. In order to rectify this error, what should be done?

Debit the sales return account by Rs.42,000.

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Credit the sales return account by Rs.24,000.

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Debit the sales return account by Rs.66,000.

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Debit the sales return account by Rs.18,000.

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Solution

The correct option is A Debit the sales return account by Rs.66,000.
Correct entry for the given transaction:
Sales Return A/c Dr.... $R s .24, 000$
To Mr. X A/c.... $R s .24, 000$
Sales Return has been credited by $R s .42, 000$ instead of debiting by $R s .24, 000$ .
We now need to pass an entry in such a way that a correct effect is seen on the debit side at $R s .24, 000$
This can be done if the account is debited by $R s .66, 000$ . By doing this the effect of incorrect credit will be gone and required $R s .24, 000$ will be reflected on debit side.

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Similar questions

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

(a) Credit sales to Mohan Rs. 7000 were recorded in purchase book. However, Mohan's account was correctly debited.

(b) Credit purchase from Rohan Rs. 9000 were recorded in the sales book. However, Rohan's account was correctly credited.

(c) Goods returned to Rakesh Rs. 4000 were recorded in sales return book. However, Rakesh's account was correctly debited.

(d) Goods returned from Mahesh Rs. 1000 were recorded through purchase return book. However, Mahesh's account was correctly credited.

(e) Goods returned to Naresh Rs. 2000 were recorded through purchase book. However, Naresh's account was correctly debited.

Rectify the following errors assuming that suspense account was opened.

Ascertain the difference in trial balance.

(a)	Credit sales to Mohan Rs 7,000 were recorded in Purchase Book. However, Mohan’s account was correctly debited.
(b)	Credit purchases from Rohan Rs 9,000 were recorded in sales book. However, Rohan’s account was correctly credited.
(c)	Goods returned to Rakesh Rs 4,000 were recorded in sales return book. However, Rakesh’s account was correctly debited.
(d)	Goods returned from Mahesh Rs 1,000 were recorded through purchases return book. However, Mahesh’s account was correctly credited.
(e)	Goods returned to Naresh Rs 2,000 were recorded through purchases book. However, Naresh’s account was correctly debited.

Sales return account is overcasted by Rs 1000. To rectify this, which account shall be debited by Rs 1000?

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

(a) Credit sales to Mohan Rs. 7,000 were posted to the credit of his account.

(b) Credit purchase from Rohan Rs. 9,000 were posted to the debit of his account as Rs. 6,000.

(d) Goods returned from Mahesh Rs. 1,000 were posted to the debit of his account as Rs. 2,000.

(e) Cash sales Rs. 2,000 were posted to the debit of sales account as Rs. 5000.

Rectify the following errors assuming that a suspense account was opened.

Ascertain the difference in trial balance.

(a)	Credit sales to Mohan Rs 7,000 were posted to the credit of his account.
(b)	Credit purchases from Rohan Rs 9,000 were posted to the debit of his account as Rs 6,000.
(c)	Goods returned to Rakesh Rs 4,000 were posted to the credit of his account.
(d)	Goods returned from Mahesh Rs 1,000 were posted to the debit of his account as Rs 2,000.
(e)	Cash sales Rs 2,000 were posted to the debit of sales account as Rs 5,000.

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