Explain and tell the answers of these entries1)amount payable to gobind ram for repairs done to radio rs 150 and - Accountancy - Trial Balance and Rectification of Errors

Question

Explain and tell the answers of these entries1)amount payable to
gobind ram for repairs done to radio rs 150 and radio supplied rs
950 were entered in the purchase return book2)credit purchases from
m and co rs 6000 were recorded in sales book as rs 2000 and posted
there from to the credit of m and co rs 1000

Manisha Arora · Accepted Answer

Dear Student, the solution to your query is here

Journal

Date
Particulars
L F
Debit
Amount
(Rs)
Credit
Amount
(Rs)
Explanation

Repairs A/c
Dr

150

For Repairs and purchase of Radio, Purchase
Return were wrongly credited, therefore to rectify, Purchase Return
Account is debited which was credited earlier and Repairs and Radio
is debited which was actual expense by crediting Gobind Ram, who is
the actual creditor)

Radio A/c
Dr

950

Purchase Return A/c
Dr

1,100

To Gobind Ram

1,100

To Suspense A/c

1,100

(Repairs and purchase of radio from Gobind Ram
recorded in the Purchase Return book, now
rectified)

Sales A/c
Dr

2,000

Sales were wrongly credited instead of
purchases, therefore to rectify, sales were debited along with the
purchases
Moreover, M & co was credited with Rs 1,000
instead of Rs 6,000, therefore, to rectify, it is further credited
with Rs 5,000 and the balance is transferred to Suspense
Account

Purchases A/c
Dr

6,000

To M & Co

5,000

To Suspense A/c

3,000

(Credit purchases of Rs 6,000 from M & co
recorded in Sales book as Rs 2,000 and credited to the M & Co
as Rs 1,000, now rectified)

Journal
Date	Particulars		L.F.	Debit Amount (Rs)	Credit Amount (Rs)	Explanation
	Repairs A/c	Dr.		150		For Repairs and purchase of Radio, Purchase Return were wrongly credited, therefore to rectify, Purchase Return Account is debited which was credited earlier and Repairs and Radio is debited which was actual expense by crediting Gobind Ram, who is the actual creditor)
	Radio A/c	Dr.		950
	Purchase Return A/c	Dr.		1,100
	To Gobind Ram				1,100
	To Suspense A/c				1,100
	(Repairs and purchase of radio from Gobind Ram recorded in the Purchase Return book, now rectified)

	Sales A/c	Dr.		2,000		Sales were wrongly credited instead of purchases, therefore to rectify, sales were debited along with the purchases. Moreover, M & co. was credited with Rs 1,000 instead of Rs 6,000, therefore, to rectify, it is further credited with Rs 5,000 and the balance is transferred to Suspense Account.
	Purchases A/c	Dr.		6,000
	To M & Co.				5,000
	To Suspense A/c				3,000
	(Credit purchases of Rs 6,000 from M & co. recorded in Sales book as Rs 2,000 and credited to the M & Co. as Rs 1,000, now rectified)