Question

Rectify the following errors by passing Journal entries:
(i) Old furniture sold for ₹ 500 has been credited to Sales Account.
(ii) Machinery purchased on credit from Raman for ₹ 2,000 recorded through Purchases Book as ₹ 16,000.
(iii) Cash received from Rajat ₹ 5,000 was posted to the debit of Bhagat as ₹ 6,000.
(iv) Depreciation provided on machinery ₹ 3,000 was posted to Machinery Account as ₹ 300.

Answer 1

Journal
Date	Particulars		L.F.	Debit Amount Rs	Credit Amount Rs
(i)	Sales A/c	Dr.		500
	To Furniture A/c				500
	(Sale of old Furniture was wrongly treated as Sales of Goods, now rectified)
(ii)	Machinery A/c	Dr.		2,000
	Raman	Dr.		14,000
	To Purchases A/c				16,000
	(Machinery purchased on credit of Rs 2,000 was wrongly recorded in the purchase book as Rs 16,000, now rectified)
(iii)	Suspense A/c	Dr.		11,000
	To Bhagat				6,000
	To Rajat				5,000
	(Cash received from Rajat Rs 5,000 was wrongly posted to the debit of Bhagat as Rs 6,000, now rectified)
(iv)	Suspense A/c	Dr.		2,700
	To Machinery A/c				2,700
	(Depreciation provided on Machinery Rs 3,000 was posted to Machinery A/c
	as Rs 300, now rectified)