ITS URGENT... PLZ help me by giving correct entry and wrong entry as well....

Rectify the following errors:

1. Cash sales to Suresh Rs.1000 has been recorded in sales book.

2. Purchase of goods worth Rs. 800 from Vineet on credit basis has been recorded in cash book.

3. A cheque for Rs.100 received from Hari had been dishonoured and had been posted to the debit of sales returns account.

Plz help me....

 1-   Correct entry- Cash To Sales

Incorrect entry- Suresh To Sales

Rectified entry- Cash To Suresh

2-  Correct entry – Purchases To Vineet

Incorrect entry- Purchases To Cash

Rectified entry- Cash To Vineet

3-   3-  Correct entry – Hari To Bank

Incorrect posting– here the error is in posting as they say it has been posted(debit) in sales returns a/c. in such a case it is assumed that there that the other part(here the credit) is correctly posted. Instead of Hari , Sales returns has been debited

Rectified entry-Hari To Sales Returns

  • 1

 Thanks a lot srijan.....:)

  • 0
What are you looking for?