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Financial Statements of NPO

Some of the t...

Question

Some of the transactions of a firm are given below. Against each transaction the accounts to be debited and credited are given. There are some obvious errors. Point out the errors and give correct answers.
Sold old machinery to Khan on credit : Debit Khan; Credit Goods or Sales.

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Solution

Credit Machinery.

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Q. Some of the transactions of a firm are given below. Against each transaction the accounts to be debited and credited are given. There are some obvious errors. Point out the errors and give correct answers.
Purchased goods from Rao for Cash :

Debit: Goods & Purchase: Credit Rao.

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.

Q. When goods are sold on credit, account is debited and account is credited.

Q. Rectify the following errors:
(a) Furniture purchased for ₹ 10,000 wrongly debited to Purchases Account.
(b) Machinery purchased on credit from Raman for ₹ 20,000 was recorded through Purchases Book.
(c) Repairs on machinery ₹ 1,400 debited to Machinery Account.
(d) Repairs on overhauling of second hand machinery purchased ₹ 2,000 was debited to Repairs Account.
(e) Sale of old machinery at book value of ₹ 3,000 was credited to Sales Account.

Q. Answer in one sentence only.
Which account will be debited when goods are sold to Ram on credit?

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