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The error is that there is a wrong credit in the account of Krishan Kishore and omission of credit in the account of Kamal Kishore; Krishan Kishore should be debited and Kamal Kishore be credited. The following three entries make this clear:
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Sep 26, 2023 · (i) A credit sales of goods to Ram Rs. 2,500 has been wrongly passed through the ‘Purchases Book’. (ii) A credit purchase of goods from Shyam amounting to Rs. 1,000 has been wrongly passed through the ‘Sales Book’. (iii) A return of goods worth Rs. 1,100 to Mohan was passed through the ‘Sales Return Book’.
(ii) A credit purchase of goods from Shyam amounting to ₹ 1,000 has been wrongly passed through the 'Sales Book'. (iii) A return of goods worth ₹ 1,100 to Mohan was passed through the 'Sales Return Book'.
Q 1. Ram, a fruit seller, sold oranges and received Rs 100. He borrowed Rs 100 from his friend Shyam. Classify them as revenue and liability. View Solution. Q 2. If a sale of Rs 500 to Ram is debited as only of Rs 50 to his account, while a sale of Rs 50 to Shyam is debited as of Rs 500 to his account, then which type of error is this?
(ii) A credit purchase of goods from Shyam amounting to ₹ 1,000 has been wrongly passed through the 'Sales Book'. (iii) A return of goods worth ₹ 1,100 to Mohan was passed through the 'Sales Return Book'.
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Pass the Journal entries to rectify the following errors detected during preparation of the Trial Balance : (i) Wages paid for construction of office building debited to wages account Rs. 20,000. (ii) A credit sale of goods Rs. 1,200 to Ramesh has been wrongly passed through the Purchase Book.
People also ask
Is there a mistake in Shyam's account?
How much money did Ramesh sell to Shyam?
What if Shyam's account was wrongly debited with Rs 15,000?
Who is Shyam Steel?
It implies that there is no mistake in Purchases account, however, Shyam’s account has been wrongly debited with Rs 15,000 instead of crediting. Thus, rectification will be done by posting the double amount (Rs 30,000) on the credit side of Shyam’s Account. 4.
