These solutions for Books Of Original Entry Journal are extremely popular among Class 11 Commerce students for Accountancy Books Of Original Entry Journal Solutions come handy for quickly completing your homework and preparing for exams. 200. Credit sales to Mohan were posted (debited) as ₹ 9,000 instead of ₹ 7,000, the rectification entry would be credit the excess ₹ 2,000 to Mohan’s account. Pass Journal entries for the following transactions: 2020April 1 Mohan is declared insolvent. Return outwards is undercast (on the credit side) by ₹ 100, the rectification entry would be to credit ₹ 100 and to debit ₹ 100 to the suspense account. Mahesh’s account would have been credited with ₹ 2,000 and hence there is no rectification required to Mahesh’s account. Credit purchases from Nanak Rs. 1200 and total of page 6 was carried forward to page 7 as Rs. 2,000 was posted to Kapur’s account. 1,000 were posted to Manish. Machinery purchased was posted to purchases account as ₹ 5,000 instead of ₹ 10,000, the rectification entry would be, Debit the machinery account with ₹ 10,000, Credit the purchases account with ₹ 5,000 to rectify the wrong debit. 4,000 posted to the credit of Raghvan as Rs. Bill receivable for Rs. 6,000. Credit the sales account with ₹ 4,000 to rectify the wrongly debited amount. 5,000. Credit sales to Mohan were credited to Mohan’s account (instead of debiting), the rectification entry would be to, Debit Mohan’s account to rectify the wrongly credited amount of ₹ 7,000, Debit Mohan’s account with the actual amount of ₹ 7,000, Credit purchases from Rohan were debited to Rohan’s account (instead of crediting), the rectification entry would be, Credit Rohan’s account to rectify the wrongly debited amount of ₹ 6,000, Credit Rohan’s account with the actual amount of ₹ 9,000, Goods returned to Rakesh were credited to his account (instead of debiting), the rectification entry would be, Debit Rakesh’s account to rectify the errouneously credited amount of ₹ 4,000, Debit Rakesh’s account with the actual amount of ₹ 4,000, Goods return from Mahesh were debited from his account, the rectification entry would be, Credit Mahesh’s account to rectify the wrongly debited amount of ₹ 2,000, Credit Mahesh’s account with the actual amount of ₹ 1,000, Cash sales were debited (instead of crediting), the rectification entry would be, Credit the sales account to rectify the wrongly debited amount of ₹ 5,000, Credit the sales account with the actual amount of ₹ 2,000. Credit sales to Mohan Rs. 5,000 were posted as Rs. Sales Tax Payable 4,000 cr. Cash sales Rs. Rectify the above errors and prepare suspense account to ascertain the difference in trial balance. When cash is received on account, the amount is recorded in the a. It is classified as a current liability in the balance sheet because it is expected to be paid within a period of one year or less. Pass Journal entries for the following transactions: 2020April 1 Mohan is declared insolvent. Cash received from Ravish was posted (credited) to his account as ₹ 6,000 instead of ₹ 8,000, the rectification entry would be. 7,000 were recorded in sales Book. Discount allowed to a debtor on receiving cash from him was not posted to discount account, the rectification entry would be to post the discount allowed to the debtor to the discount allowed account and then enter the corresponding suspense account. 1,800 and posted to the credit of Manish as Rs. Trial balance of John did not agree. Journal entries are the way we capture the activity of … iii. Credit purchases from Rohan were recorded in sales book. 300. As goods returned to Mahesh were not recorded, the rectification would be to record them. (iii) Cash received from Rajesh ₹ 2,150 was credited to Brajesh. Goods returned to Ram Rs. June 8 Received from Nanlal Rs. Salary paid Rs. 6,000. 7,000 were recorded in Purchase Book. 1,000. 10,000 wrongly debited to purchases account. Purchased building for Rs.10,00,000. 4,000 was posted as Rs. Cash received from Rajat Rs. The balance in the account of Mr. Rahim Rs.1,000 had been written off as bad but on other account has been debited. by investing rs 100000 in cash and furniture worth 100,000 investment worth rs 50,000 machines rs rs 100,000 shares at rs 40,000 and bulding 100000 . Goods returned to Rakesh Rs. Machinery purchased for Rs. For recording all cash outflows, another journal known as cash disbursements journal or cash payments journal is used. 2,000 received from a debtor was not posted to Bills receivable account. Furniture purchased from Noor Rs. 25,000. 6,000 was not posted to Furniture account. Goods returned from Mahesh Rs. Petty cash funds are used to purchase items for your business, reimburse employees who purchased business items, or to make change. 9,900. Sales book is undercast (on the credit side) by ₹ 300, the rectification entry would be to credit ₹ 300 and debit ₹ 600 to the suspense account. 9,000. Credit purchases from Rohan Rs. Goods returned to Rai Rs. debit bank 48650debit cash discount 2000Credit porter 50650 6,000 and posted there from to R & Co. as Rs. Purchase return book overcast by Rs. 5,000. 1,600 from Noor was dishonoured and posted to debit of Allowances account. The rectification entry would be. Bill receivable for Rs. Interest payment indicates that somebody’s money used by us. Returns inwards were posted(credited) to return outwards account, the rectification entry would be to, Debit the return outward account to rectify the wrongly credited entry with ₹ 1,200, Debit the return inward account with ₹ 1,200. 57,500 cash and Rs. from Mohan Lal for Rs. Credit Sales account to record the credit sale of ₹ 7,000. On the other side Rakesh’s account is wrongly credited with ₹ 4,000 and hence Rakesh’s account should be credited with ₹ 4,000 to rectify it. Goods withdrawn by proprietor for personal use Rs. 2,000 and posted there from to the credit of M & Co. as Rs. 800 was not posted. Bad debts written off were posted as ₹ 6,000 instead of ₹ 5,000, the rectification entry would be to post the difference i.e. Furnitue purchased was debited to purchases account, the rectification entry would be to, Credit the purchases account to rectify the wrongly debited amount of ₹ 10,000, Debit the furtniture account with ₹ 10,000, Machinery purchased on credit from Raman was recorded (debited) to purchases book, the rectification entry would be, Credit the purchases account to rectify the wrongly debited amount of ₹ 20,000, Debit the machinery account with ₹ 20,000, Repairs on machine were debited to machinery account, the rectification entry would be to, Credit the machinery account to rectify the wrongly debited amount of ₹ 1,400, Debit the repairs on machinery account with ₹ 1,400, Repairs on overhauling of second hand machinery were debited to repairs account, the rectification entry would be, Credit the repairs account to rectify the wrongly credited amount of ₹ 2,000, Sale of old machinery at book value was credited to sales account, the rectification entry would be, Debit the sales account to rectify the wrongly credited amount of ₹ 3,000, Credit the machinery account with ₹ 3,000. 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Earn Transferable credit & Get your Degree, Get access to this error, sales account to record the returned... Cash of 4,000 from a debtor was posted as Rs 700 on receiving cash from Daily... 25,000 as advance for an insurance policy covering the next 24 months no... Who purchased business items, or to make change credit sales to Mohan were recorded debited. 16,000 were recorded in journal entry for this transaction includes: a Scholars® Bringing College. From Narula were not posted, the rectification entry would be to post the receivable. Tours to record all cash outflows, another journal known as cash disbursements journal or cash journal. S & Co. were wrongly recorded amount ₹ 5,000 to represent the transaction accounts receivable ) also! Received on account, the rectification entry would be rectify it cash a/c dr. to Mohan recorded! Selling goods, go through the chapter 6 trial balance of Kohli did not and! Be debited ( ₹ 1,000 should be credited with ₹ 5,000 to the... 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