Barnett Ball
01/30/2023 · Senior High School
Q. 5 Rectify the following errors assuming that a 1. A purchase made from Anthony \& Co. Purchases Book. 3. An amount of Rs. 500 received from M 4. Salaries paid amounting to Rs. 1,000 v 5. Account. Rs. 450 received on amount of interest 6. The total of Returns Outwards Book ar 6. the ledger. 7. A credit sale of Rs. 250 to Rakesh was 8. A credit sale of Rs. 520 to Madhu debi 9. A credit purchases from Kailash of Rs. 10. In Cash Book, the total of Discount AI
UpStudy ThothAI Solution
Tutor-Verified Answer
Step-by-step Solution
To rectify the errors mentioned in your question, we need to identify the nature of each error and provide the necessary journal entries or adjustments. Here’s how to rectify each of the errors listed:
1. **A purchase made from Anthony & Co. not recorded in the Purchases Book.**
- **Rectification Entry:**
```
Purchases Account Dr. (Amount of purchase)
To Anthony & Co. Account (Amount of purchase)
```
2. **An amount of Rs. 500 received from M not recorded.**
- **Rectification Entry:**
```
Cash Account Dr. 500
To M Account 500
```
3. **Salaries paid amounting to Rs. 1,000 not recorded.**
- **Rectification Entry:**
```
Salaries Account Dr. 1,000
To Cash Account 1,000
```
4. **Rs. 450 received on account of interest not recorded.**
- **Rectification Entry:**
```
Cash Account Dr. 450
To Interest Income Account 450
```
5. **The total of Returns Outwards Book not posted to the ledger.**
- **Rectification Entry:**
```
Returns Outwards Account Dr. (Total amount of returns)
To Purchases Account (Total amount of returns)
```
6. **A credit sale of Rs. 250 to Rakesh was not recorded.**
- **Rectification Entry:**
```
Rakesh Account Dr. 250
To Sales Account 250
```
7. **A credit sale of Rs. 520 to Madhu Devi was not recorded.**
- **Rectification Entry:**
```
Madhu Devi Account Dr. 520
To Sales Account 520
```
8. **A credit purchase from Kailash of Rs. (amount not specified) not recorded.**
- **Rectification Entry:**
```
Purchases Account Dr. (Amount of purchase)
To Kailash Account (Amount of purchase)
```
9. **In Cash Book, the total of Discount Allowed not recorded.**
- **Rectification Entry:**
```
Discount Allowed Account Dr. (Total amount of discount)
To Cash Account (Total amount of discount)
```
Make sure to replace the placeholders with the actual amounts where necessary. Each of these entries will help to correct the respective errors in the accounting records.
Quick Answer
To fix the errors, make the following entries:
1. Record the purchase from Anthony & Co.
2. Record the Rs. 500 received from M.
3. Record the Rs. 1,000 in salaries paid.
4. Record the Rs. 450 received on interest.
5. Post the returns outward to the ledger.
6. Record the credit sale to Rakesh.
7. Record the credit sale to Madhu Devi.
8. Record the credit purchase from Kailash.
9. Record the discount allowed in the Cash Book.
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